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Innamincka

Highlights

  • Red Sky holds 20% working interest in the six PRLs (14, 17, 18, 180, 181, 182)
  • Santos, the operator farmed in, holds 80%
  • Yarrow field estimated to have a 2C contingent resource of up to 18BCF
  • Santos completed Yarrow flowline connection to the network in July 2023
  • Yarrow production commenced July 2023
  • First cashflow generated Q4 2023
  • 3D Seismic acquisition Q4 2023
  • FDP to follow 3D seismic
  • Further potential of 20BCF 2C of associated gas estimated at Flax oil field 8km to south east of Yarrow
  • Flax is a shut in oil field with associated gas that has not yet been produced
  • Flax has 6 existing wells with high potential development opportunities

Yarrow Gas – Recent Developments

  • Activity by Santos at Yarrow 3 Well completed in February 2023
  • Construction of a pipeline of approximately 18km to tie into the grid to the south of the Yarrow gas field completed in July 2023
  • Preliminary analysis of pressure data indicates connected volume >1.7 BCF
  • Gas sales agreement signed with Origin Energy (ASX:ORG)
  • Further agreements finalised for the sale of ethane, LPG and condensate with SACBJV (South Australian Cooper Basin Joint Venture)
  • Agreements reached with SACBJV for the transport of Yarrow gas through the SACBJV pipeline network and processing at Moomba Plant
  • First revenues received in November 2023
  • Re-entry of the Yarrow 1 well scheduled for 4Q 2024, with online completion expected by Q2 2025
  • This re-entry is anticipated to enhance production capabilities significantly, contributing to Red Sky’s future cash flows
  • Expected ultimate recovery from Yarrow 1 estimated at 2.4 BCF gross, evenly distributed between the Patchawarra and Tirrawarra formations
  • Yarrow 3 seismic acquisition programme with Santos in conjunction with adjacent permit to cover parts of PRL14 including Yarrow and PRL17 commenced in October 2023 and completed in November 2023
  • Joint acquisition is cost effective and will result in a shared benefit area
  • Seismic acquisition provides for Red Sky to be free carried through the programme
  • Completion of 3D seismic interpretation expected by Q1 2025, with no additional development wells planned until late 2025
  • Yarrow 3 Pipeline Completed
  • Yarrow 3 Pipeline Completed
  • Yarrow 3 Pipeline Completed

Hydrocarbon Inventory

PRL14 Flax Oil & Gas Field (20%)

  • 2C 1.98 mmbbl oil
  • 2C 0.7 mmboe gas
  • Production infrastructure already built
  • Six production wells drilled
  • Produced over 180,000bbl until shut-in 2015
  • 3D seismic coverage

PRL17 Yarrow Gas Field (20%)

  • Undeveloped
  • 2C 0.6 mmboe gas
  • Three wells drilled

PRL18 Juniper Oil & Gas Field (20%)

  • Undeveloped
  • 2C 0.18 mmbbl oil
  • 2C 0.08 mmboe gas
  • Three wells drilled on structure
  • 3D seismic coverage

Source: RISC 2015 (6MCF=1BOE) Note: All oil and gas volume estimates are subject to a complete review by Red Sky

Net Contingent Resource
1C 2C 3C Red Sky Interest
  Permit Field Hydrocarbon Oil in mmbl, gas in mmboe %
Contingent Resource PRL14/18 Flax Oil 0.94 1.98 3.48 20
Gas 0.32 0.7 1.18 20
PRL 18 Juniper Oil 0.02 0.18 0.28 20
Gas 0.02 0.08 0.34 20
PRL 17 Yarrow Gas 0.4 0.6 0.88 20
Total 1.7 3.54 6.16
Source: RISC 2015 (6MCF=1BOE)
Note: All oil and gas volume estimates are subject to a complete review by Red Sky

Location

  • PRL 14 Flax Oil Field
  • PRL 17 Yarrow Gas Field
  • PRL 18 Juniper Oil Field
  • PRL 180
  • PRL 181
  • PRL 182

Inventory

  • PRL 14 Greater Flax Oil Field
  • PRL 17 Linden and Birch leads
  • PRL 18 Juniper link to Flax
  • PRL 180 – updip potential
  • PRL 181 – Cypress well failed
  • PRL 182 – updip potential

Innamincka Area Cross sections

Eromanga Basin
Cooper Basin
Warburton Basin

Cooper Basin Stratigraphic Column

  • Patchawarra Fm
  • Tirrawarra Sst
  • Merrimelia Fm