Project Venus — Surat Basin
Located in the Walloon CSG Fairway — a proven gas-producing region with over 10,000 wells drilled — Project Venus contains high-quality and very prospective acreage covering 154km².
The Project is strategically located near industrial-scale gas infrastructure, including gas pipelines that can connect the site to domestic customers. There is also substantial amount of coal in this permit, which we believe we can turn into significant gas resources.
Proving commercial gas flows at Venus-1 could convert the recently certified 130 PJ of 2C gas resources to 2P gas reserves. Converting contingent gas resources to reserves would sufficiently underpin a sizeable gas sales contract to justify the development of the Venus CSG field and connection to the nearby gas pipeline infrastructure.
The independent review of the Contingent Gas Resources was completed by Sproule International, which confirmed that the land is high-quality and very prospective. The Project Venus Contingent Resources are currently classified as ‘Technology Under Development’.
Further upside for Project Venus is in the Prospective Gas Resources with a Best Estimate Case of over 560 PJ and a High Estimate Case of over 675 PJ.
