Iconic Potential, Acknowledgement of Country

Wells drilled in the area of SPA-89feature massive reservoirs with excellent geophysical properties that can host multi-billions of barrels of prospective recoverable resource – A petrophysical study of the area of SPA-89 confirmed massive reservoirs with excellent geophysical properties. With that geology, a 2009 Ryder Scott independent evaluation of the hydrocarbon resource potential of an Officer Basin license covering the southern part of SPA-89 best (P50) estimate of recoverable resource for five formations was 32.3 billion barrels oil (“BnBO”) or 21.3 billion oil-equivalent barrels (“BnOEB”) gas.

Equally significant, a review of the depth to basement map of the Officer Basin area shows SPA-89 shares the same sediment thickness as wells to the west of SPA-89 where most hydrocarbon shows are seen. 

Proprietary 3D GravMag mapping process that maps subsurface structures equivalent to 3D seismic subsurface mapping mapped one formation in 12 structures with total mean unrisked prospective oil resource recoverable of the 9.16 BnBO or 5.14 BnOEB gas - Processing of a recent dense grid gravity and magnetic survey of SPA-89 with Raphael’s proprietary 3D GravMag mapping process that maps subsurface structures equivalent to 3D seismic subsurface mapping with a depth resolution on the Z-axis as low as 50 meters (160 fe et), mapped the Hussar formation in 10 deeper structures and the Wahlgu formation in two shallower structures. Located in a tectonically quiescent area for structures with vast areas that coupled with the massive reservoirs seen in the wells in the area of SPA-89, yielded total mean unrisked prospective resource recoverable of 9.16 billion barrels oil or 5.14 oil-equivalent barrels gas.