VeblenCiting market research, the company said the market consensus has indicated a pricing range of AU$7 to AU$9 per gigajoules (GJ) – a measurement for gas, by 2015 or 2016 with a potential of short-term surge in price beyond those ranges. Hibiscus Petroleum noted the price range could almost doubled as compared to pricing of AU$3.50 to AU$4 per GJ range achieved by producers in recent years. On top of that, the company observed that several recent gas supply deals have provided evidence the increasing gas price environment is being established in eastern Australia.
makemoneynowHibiscus Petroleum which has a 13 per cent interest in Australian 3D through its wholly owned subsidiary Carnarvon Hisbiscus Pty Ltd in a press statement yesterday said 3D has contracted a modern high-specification vessel, Polarcus Asima to be deployed in November for the seismic survey. The company noted the survey covers an area of 4,960 square kilometres in water depths and no greater than 100m.
Hibiscus said the survey is conducted to discover a number of leads in the northern part of the block which are located adjacent to the neighbouring Thylacine and Geographe gas fields which have an estimate combined gas amount of over two trillion cubic feet (tcf).
Significantly, the company observed that the Whalebone and Flanagan gas fields could have a combined forecast resource of 7.8 tcf.
As of to-date, Hibiscus Petroleum noted 3D has identified 10 leads which could potentially have a combined gas resource of 20 tcf.