UIL Energy (ASX:UIL) has identified a number of early stage conventional leads following a review of historic 2D seismic data and results from nearby wells in the Perth Basin, Western Australia.
The review uncovered 14 exploration leads, five in the northern Perth basin permits and nine in its central Perth basin permits.
These are primarily Jurassic in age, comprising the Cockleshell Gully (Cattamarra Coal Measures and Eneabba) and Cadda Formations.
Notably, these formations contain the Gingin, Red Gully, Warro, Walyering, Mt Horrner, North Yardanogo, Erregulla and Ocean Hill gas and liquids fields and accumulations in neighbouring tenements.
The leads are interpreted to potentially contain gas and gas/liquids which, if successfully drilled, can easily be commercialised in the undersupplied Western Australia gas market.
UIL Energy plans to further de‐risk the leads by shooting 2D and 3D seismic over them in order to establish drillable prospects.
UIL Energy is progressing approvals and commercial arrangements with contractors for its proposed seismic program over parts of its Perth Basin permits.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.