Australian Oil Company (ASX:AOK) progresses Surat Basin Phase 1 development initiatives

Australian Oil Company is progressing its Surat Basin Phase 1 development initiatives, with activities underway across resource assessment, field operations, exploration activities and development planning.

The company’s latest update outlines activities at the Emu Apple oil field, Riverslea Field and Major Gas Field across its Surat Basin licences.

Highlights

At the Emu Apple oil field within PL 264, Australian Oil Company is undertaking work focused on restoring and boosting productivity.

Following a condensate backwash performed on the Emu Apple-1 well, fluid level monitoring indicates signs of improved productivity.

An acid wash procedure is scheduled for completion this week, after which production will be reinstated, subject to successful results.

Energetica Consulting has been engaged to undertake an independent assessment of resources across Surat Basin licences, including the integration of AEM-PTP, geochemical data and seismic data across Emu Apple.

The work is focused on strengthening the resource case and gathering technical data that may inform future well interventions or infill drilling potential within the field.

At PL 30 (Riverslea and Yapunyah), the Later Development Plan to reinstate the Riverslea Field back into production has been lodged and is awaiting approval from the Queensland Department of Natural Resources. The company will obtain additional wellhead samples from the Riverslea-3 well to support ongoing discussions for crude sales agreements.

Studies are progressing to install artificial lift on both Riverslea and Emu Apple once these initial initiatives have materially progressed.

Exploration activities in the Greater Riverslea area continue to focus on high-grading drilling prospects and building on recent geological assessments, including the integration of geochemical anomalies with 3D seismic. Energetica has commenced mapping of 3D seismic across Showgrounds level prospects and potential other new plays, including basement wash plays that have not been the target of focused exploration.

At PL 512 and the Major Gas Field, Australian Oil Company has engaged Energetica Consulting to deliver independent resource estimates across the Surat Basin, with emphasis on PL 512 and the Major Gas Field. Updated geological mapping of the P10 case in the Showgrounds Formation has identified potential infill well targets located up-dip of Major-4.

Data also indicates the possible presence of an oil leg in PL 512 within the Showgrounds Formation, although further data collection will be required to confirm the resource potential of this interval.

Australian Oil Managing Director Kane Marshall said:

“The engagement of Energetica Consulting and our ongoing investment in field operations demonstrate our commitment to systematically unlocking value across our Surat Basin acreage.”

Australian Oil Company continues to progress its Greater Surat Strategy, focusing on expanding production, maturing exploration upside and reinforcing the licence resource base through third-party certification.

The company said the integration of recently identified resource opportunities and advanced development planning would support strengthened operational and commercial outcomes as market and regulatory conditions allow.

Australian Oil Company remains disciplined in evaluating potential new ventures that complement its Surat Basin core operations.

Any advances in this area will be communicated as material developments arise.