Theia Energy is seeking industry partner(s) or potential investors to participate in the development of its Great Sandy Desert Project in Australia. The project comprises unconventional shale oil and gas resources held within the Lower Goldwyer (GIII formation) consisting of Ordovician age shales within the onshore Canning Basin.
The prospective resources are estimated to range from 2.9 to 5.4 Billion BOE with 60% oil. In 2015, Theia Energy drilled a successful well proving up a continuous 70m oil column with shale thickness of 120m and 25,600 bbls/acre of moveable OIP (~45 degrees API, light, non-waxy). Theia Energy plans a vertical appraisal well in 2022 into the Lower Goldwyer and the Nambeet formation with significant wet gas potential. It is planned to perform a DFIT/HFS and test. A further well is planned for 2023 into the Lower Goldwyer which would be a horizontal well with multi-stage HFS and test.
Theia Energy holds over 1 million acres within the basin within exploration permit EP 493 and has calculated a break-even prices of around $30/bbl. With high domestic demand for gas in the region together with the objective of the Australian government to increase its strategic storage of reserves closer to the 90 day security requirement (from around 50 days at present), the project would align with the support of the WA government for the development of unconventional resource.