Proven petroleum system with a hydrocarbon discovery in a highly prospective and untapped frontier basin

OFFSHORE NORTH X-RAY PSC

Conrad also is the holder and 100% operator of Offshore North X-Ray PSC (4,000km2), located in the Vera Basin and proximal to the largest gas market in Indonesia within 100km offshore from one of the main gas receiving terminals in Indonesia. The PSC has an extremely favorable operational environment with shallow water depths, shallow targets, low operational costs and excellent PSC terms allow for development of even small (10 million barrel) oil accumulations at current prices.

    Offshore North X-ray PSC

    Offshore North X-ray PSC

    The completion of a 2D seismic survey in December 2016 is the only firm commitment during the exploration period in PSC. Initial interpretation confirms oil and gas – both thermogenic and biogenic potential in several different play concepts.

    • Probable Existing Gas Discovery
      • PSVV-1 petrophysics indicate oil and gas bearing clastics with additional prospectivity in shallower carbonates
    • Highly Prospective
      • Potential of 200 – 650Bcf of recoverable natural gas within one of the most prolific reservoirs in SE Asia
      • Multiple exploration targets in under-explored basin since 1980’s with proven hydrocarbon system with several different proven play types
      • Seismic program commencing H2 2016
      • Analogue basins and play concepts of substantial size. Pertamina pursuing similar exploration objects in adjoining licenses
    • Favourable Circumstances
      • Operational environment with shallow water depths and shallow targets
      • Ideally located to existing gas infrastructure
      • Excellent fiscal terms