Australia: Key Farm-in Well Comes Up Dry
BP with partners Cue Energy, Beach Energy and NZOG have completed drilling the Ironbark-1 wildcat in Block WA-359 offshore in the North Carnarvon Basin. The well held huge potential for up to 15 Tcfg gas reserves within 50 km of major LNG infrastructure on the Australian NW Shelf.
The well was drilled in 300m of water between 31 October and 29 December 2020 and was subsequently plugged and abandoned as a dry well. Ironbark-1 intersected the primary target of the Triassic Mungaroo Formation at 5,275m, without encountering any significant hydrocarbons. Cue Energy had worked up the play over a number of years, focusing on the fluvio-deltaic clastics of this very deep Mungaroo target formation, which does work in other fields nearby. Cue successfully farmed out to BP, Beach and NZOG in 2019. The result may have significant repercussions for the nearby North Rankin LNG platform, where Chevron is looking to exit and BP may now decide to sell.