Top End Energy Provides Update on the Planned 2022/23 Work Program for the Prioritised Greater Mcarthur Basin Permit Applications in the Northern Territory
Creek Sandstone reservoirs. Although there are no seismic data on the permits, seismic lines ending north of the permits suggest that both the conventional Bessie Sandstone and unconventional Velkerri Shale may be present within the deeper basin sections of the permits. The Velkerri Shale is a shale gas target for operators such as Santos, Origin and Empire Energy across the Beetaloo sub-basin. The Company has been allotted placeholder dates for On Country Meetings (OCM) with the native title holders of EP 258 in Third Quarter 2022. It is intended by the Company that an exploration agreement ancillary to an agreement under section 31(1)(b) of the Native Title Act 1993 (Cth) be reached for the grant of the permit and approval of the proposed 2023 work program during these meetings. Subject to confirmation from the NLC, the Company also intends to reach similar agreements under the Aboriginal Land Rights (Northern Territory) Act with the traditional owners of EP 259. In parallel, the Company will begin negotiation of land access agreements and procurement of environmental and other approvals required to undertake the proposed 2023 work program. While EP 258 and EP 259 are the near-term focus in the NT, the Company also continues to pursue other prioritised permit applications, targeting the formal grant of additional applications in 2023. Proposed 2022 /23 Work Program - The Company intends to acquire up to ~150 km of seismic survey in H1 2023 (the Acquisition). The proposed scope of the campaign covers key target areas of both EP 258 and EP 259; The Company may also undertake a pre-grant scouting trip, subject to agreement with the NLC, native title holders and traditional owners; Top End is working with its external project management team, inGauge Energy, to prepare for the OCMs and commence work on procuring the necessary approvals for undertaking the Acquisition; and Subject to the outcome of the Acquisition and subsequent interpretation, the Company will identify potential prospects ahead of drilling an initial exploration well in late 2023 /early 2024.