Australis in Portugal

Lusitanian Basin

Lusitanian Basin – Conventional Gas & Oil Acreage Onshore Portugal

Two key technical work scopes took place during 2017.

  1. The Bio-stratigraphic correlation between wells within the Batalha Concession which penetrated the deeper Triassic Silves formation is now complete and provides additional insight to the depositional history and composition whilst corroborating the existing basin interpretation.
  2. The static seismic analysis, which seeks to compensate for the impact of shallow limestone formations on the deeper interpretation, has been highly successful and provides much greater clarity on structures and formation continuity. Thus far only three 2D lines have been assessed. Based on the results further extrapolation into 2D lines which will help refine future well locations and potentially some sample lines within the 3D survey on Aljubarrota will be run. If successful this will further enhance the understanding of the structural boundaries of the gas discovery and the contingent resource of 458 Bcf. Preparation is also underway to engage with the regulatory environmental authorities in Portugal, to define the scope and steps required to complete an Environmental Impact Assessment (“EIA”) in preparation for drilling. Australis submits a work program and budget for each calendar year to the Portuguese authorities and intends to commence the EIA during the early part of 2018.