Bass Oil Limited (ASX: BAS) has announced it will conduct a study to quantify the potential of the Triassic gas play in its northern Cooper Basin tenements. The study will evaluate the broader gas potential in the region, following the promising results of the Kiwi gas test and previous Triassic exploration successes.
The Kiwi gas field holds a 2C contingent resource estimate of 3.6 billion cubic feet of gas and 416,000 barrels of condensate. The full resource range includes a 1C estimate of 1.1 billion cubic feet and a 3C estimate of 11.5 billion cubic feet. Seismic analysis suggests the presence of a larger stratigraphic trap at Kiwi, though further studies are needed to confirm this.
Bass has a dominant position on the western flank of the Arrabury Trough, an area where multiple oil and gas discoveries have been made in Triassic-aged formations. Earlier exploration efforts largely focused on structural traps, but there is increasing evidence of stratigraphic trapping, particularly at Kiwi. The company plans to reprocess the Dundinna 3D seismic survey to refine its interpretation of the area and identify additional drilling targets.
Another key aspect of the study will investigate the composition of the Kiwi gas, which is liquids-rich and has a low carbon dioxide content. Understanding this geological phenomenon could provide further insights into the broader potential of the Triassic gas play.
Bass is currently reviewing commercial proposals from the Cooper Basin Joint Venture for the transportation and processing of gas and gas liquids from Kiwi. The front-end engineering design (FEED) study for field development is underway, with a final investment decision (FID) targeted for 2025, subject to securing necessary commercial agreements.
Managing Director Tino Guglielmo stated: “The Kiwi gas field has surpassed our expectations, making it a cornerstone asset in our portfolio. The combination of significant gas volumes, substantial liquids content and promising exploration upside across the Triassic Gas Play solidifies Kiwi’s role in our growth strategy. We are committed to maximising its value to shareholders and becoming a reliable supplier to the east coast gas market.”
