“We are situated on-trend and at the same geological level as these discoveries, with Saturn likely to host multiple internal and independent traps and stacked reservoir opportunities. We are well advanced with the high-impact 3D survey over our Saturn Turbidite Complex and anticipate that the resulting data will confirm our belief of its significant oil potential,” added Rushworth.
After anticipated completion in June, PCL expects survey results to be publicly available before the end of August.
At a cost of $35 million, the survey is fully funded by Woodside Energy, which signed an option deed with PCL this March to potentially acquire a 56% participating interest in PEL-87.
Woodside Energy will have 180 days after data delivery to exercise its purchase option. PCL presently owns a 75% interest in PEL-87, and is the project operator.