ATP 539P (Bandanna earning 50%)
This permit, having an area approximately 5,983 km², is located on the western flank of the Queensland portion of the Cooper Basin. The Ballera-Mt. Isa gas pipeline traverses the northeastern portion of the permit. Structurally the Permit is dominated by a large anticlinal high known as the Curalle Anticline. This anticline trends roughly north-south and extends into the adjacent ATP 549 permit. The Permit lies west of the Permian pinchout edge and as such the sedimentary section is dominated by the Jurassic and Cretaceous aged Eromanga Basin.
Regionally, the permit is considered to be located in a very strategic setting, because any hydrocarbons generated in deeper areas, such as the Arrabury Trough to the south and south west and the Windorah Trough to the east, would have migrated up through the carrier (reservoir) beds towards the Curalle Anticline, a regional high which dominates this permit. Supporting this is the presence of the producing Inland Oilfield together with numerous shows found in wells drilled in and around the area.
Traditional Oil Pty Ltd (a wholly owned subsidiary of Bandanna Energy Limited) is acquiring an interest in ATP 539 through a farmin with Great Artesian Oil and Gas Limited. As part of that farmin agreement Traditional acquired the 89 km Planet Downs 2D seismic survey in 2004. That survey, covered the crestal part of the regional Curalle Anticline. One of its aims was to find a higher point on the structure to that tested by the previous Curalle-1 well. Several other structural targets were also delineated including the Planet Downs Lead located along trend and further to the south. Further seismic in the same area was also recently funded by Bandanna.
The Company participated in the drilling of the Planet Downs Prospect, on a sub-culmination on the Curalle Anticline which is a prominent regional structural high and interpreted hydrocarbon migration focal point located on the western flank of the Cooper Basin in far southwest Queensland. Although the well encountered hydrocarbon shows, see ASX announcement on 10th March 2009, it was subsequently plugged and abandoned. The Company will participate in further drilling or seismic acquisition during the next phase of exploration.
The Company is contributing 50% of the costs of the well as part of its original farmin agreement to earn a 50% interest in the permit.
