Warrego Energy Limited provided an update on its analysis of a high potential subsurface structure within EP469, located onshore in the northern Perth Basin, WA. Warrego has mapped a relatively low risk, high grade conventional gas exploration target in the Erregulla Deep structure, covering over 20 km2 at the Kingia level between the West Erregulla and Lockyer Deep gas pools. The Erregulla structure was previously drilled by the Erregulla-1 (1966) and Erregulla-2 (1980) wells to the Dongara and Eneabba sandstones, respectively.

Gas and oil shows were observed but testing failed to flow hydrocarbons to the surface. These earlier Erregulla wells did not drill the deeper Kingia Sandstone level. After extensive analysis of available 2D seismic data and applying a regional depth conversion model, Warrego estimates that the Erregulla Deep structure could support an Original-Gas-In-Place (OGIP) range between 230 Bcf and 560 Bcf, with a potential gross unrisked Prospective Resource range between 165 Bcf and 403 Bcf (sales gas, net of shrinkage) representing approximately 82 Bcf to 201 Bcf net to Warrego.

It is likely that additional Prospective Resources associated with Erregulla Deep occur outside the EP469 boundary.