ASX Announcement 16 May 2018
Upgraded Prospective Resources for Walyering Gas Field
The Directors of UIL Energy Ltd (UIL Energy or the Company) (ASX:UIL) are pleased to announce the progress achieved on the Walyering Gas Field, located in the southern part of EP447.
As background, UIL Energy and Pancontinental Oil and Gas NL (ASX: PCL) ("Pancontinental") signed a Farmin Agreement and Joint Operating Agreement where Pancontinental agreed to fund up to $2.5m for a 3D seismic survey and earn a 70% working interest in four graticular blocks within EP447.
Pancontinental has continued with efforts under the farmin agreement to earn a working interest and right to operate in the Walyering project area within UIL Energy's 100% owned EP447. Key project updates includes the following:
Upgraded gross Prospective Resources with a Best Estimate Prospective Resources of 63 BCF (Low Estimate of 10 BCF and High Estimate of 226 BCF) with associated condensate of 1.2 MMBbls1; and
Progressed environmental government approvals and land access arrangements for circa a 90km2 3D survey scheduled for November 2018.
UIL Energy Ltd∙ Level 9, 1 Eagle St Waterfront Place, Brisbane QLD 4000 ∙ GPO Box 3284, Brisbane QLD 4001
Phone +61 7 3007 9600 ∙ Fax +61 7 3007 9699 ∙ Webwww.uilenergy.com.au ∙ Email info@uilenergy.com ∙ ACN 153 352 160
The focus for Pancontinental is on the evaluation of the previously discovered Walyering Gas Field, where 3 of 4 historical wells encountered gas within multiple Jurassic age sands, with the best-tested unstimulated zone flowing initially at 13.5 MMscf/d.
In the event that the 3D data supports the size of the gas field compartments consistent with the current mapping, the parties will consider drilling of at least one appraisal /development well in 2019.
For and on behalf of the Board
Drew Speedy and Duncan Cornish Co-Company Secretaries
UIL Energy Ltd
For further information contact: John De Stefani
Managing Director
Tel: +61 7 3007 9600
1.
Refer to the Pancontinental (ASX PCL) announcement dated 16 May 2018 for Prospective Resource Statement and the qualified competent person statement.
About UIL Energy Ltd
UIL Energy Ltd (ASX:UIL) is an Australian oil and gas exploration company targeting conventional and unconventional playswith a focus on the Perth Basin, one of Australia's largest producing basins.
The Company's strategy is to focus on large-scale opportunities across known petroleum basins with a history of gasproduction in Western Australia. UIL Energy has targeted areas that have pipeline or transport infrastructure in place or inreasonable proximity.
UIL Energy's permits in Western Australian provide it with access to the largest domestic gas sector in Australia. The gasmarket is supply constrained with estimated gas prices to rise above $10/GJ in real terms over the next 16 years.
UIL Energy has an experienced Board and management team with an expertise in oil and gas exploration, development andproduction as well as a strong track record of value creation for shareholders.
UIL Energy Limited
ACN 153 352 160
Level 9, 1 Eagle St Waterfront Place
Brisbane QLD 4000
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Pancontinental Oil & Gas NL published this content on 16 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 May 2018 00:57:04 UTC