Lusitanian Basin – Onshore Portugal - Conventional Oil & Gas
Australis has exclusive rights to two government oil and gas exploration concession areas (Concessions) covering approximately 620,000 contiguous acres in the onshore Lusitanian Basin in Portugal. Australis is the operator of the Concessions (working interest of 100% reducing to 97%) that have an eight-year exploration term from 30 September 2015, subject to minimum work programs.
The exploration area of the Concessions offers large scale, material conventional oil and gas targets. Portugal has no domestic hydrocarbon production and is under explored for oil & gas with only 148 onshore wells having been drilled (the majority with oil or gas shows) and the majority being shallow wells (less than 500 metres). These wells have indicated that there are two working hydrocarbon systems.
A large volume of 2D and 3D seismic exists across the Concession areas which will be used to continue the evaluation of known targets and identification of new targets. Australis intends to prioritise these targets and undertake further work in preparation for each prioritised target for drilling.