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ORION PETROLEUM LIMITED - ASX: OIP
The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.
Description
Orion Petroleum Limited (Orion) is an oil and gas explorer with its focus in northern New South Wales.
Orion listed on the Australian Securities Exchange on 12 December 2007 (ASX code: OIP) after achieving maximum oversubscription as part of its IPO. Conventional oil and gas assets acquired from Eastern Star Gas (ESG) formed the basis of the IPO and ESG remains as one of Orion's major shareholders with a stake of approximately 23%. ESG has subsequently farmed into the coal seam gas (CSG) rights in three licence areas.
Exploration Strategy
Orion will identify, define and drill prospects with the greatest hydrocarbon potential while offering the highest likelihood of success. With a focus on both conventional oil and gas and coal seam gas objectives, the drilling schedule will take into account licence work commitments, rig availability and logistical efficiencies.
While exploration drilling is high risk, the rewards can be commensurately high. For example some of the large structures in Orion's Darling Basin licences of northwestern NSW have been interpreted on seismic to hold significant gas potential, possibly in excess of 3 TCF in-place. In addition to this conventional potential, Orion has identified 3.5 TCF of in-place coal seam gas potential in the Company's Surat-Bowen Basin licences in northern NSW. It is important to note, however, that reserves can only be established after successful exploration and appraisal drilling, testing and a full assessment of commercial viability.
Orion's portfolio of licences also has the advantage of being reasonably close to existing transport and pipeline infrastructure. This will facilitate commercialisation of petroleum that could be discovered and the subsequent transportation and marketing of oil and gas to end-users.
Mine For
oil, gas, coal seam gas
Location of operation(s)
New South Wales
Address
Level 3, 10 Bridge Street
SYDNEY, NSW, AUSTRALIA
Phone
+612 9254-9000
Website
http://www.orionpetroleum.com.au
Last Updated
2/3/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
