Advent Energy Ltd., an unlisted oil and gas exploration firm owned by major shareholders MEC Resources, BPH Energy, Grandbridge and Talbot Group Investments, provided Thursday the following announcement regarding the execution of the contract for the seismic activities within PEP 11 in the offshore Sydney Basin, offshore Australia.
The contracted vessel will perform a high resolution 2D seismic survey covering approximately 124 line miles (200 line kilometers) to assist in the drilling of the Baleen target approximately 19 miles (30 kilometers) south east of Newcastle, New South Wales.
This "Baleen HR" survey will cover approximately 124 line miles (200 line kilometers) and is also proposed to be tied-in to the New Seaclem-1 well location to facilitate lithological calibration.
A drill target on the Baleen Prospect on seismic data line B4-18 with total depth of 7,054 feet (2,150 meters) has been identified in a review of previous seismic data. Intersecting 2D lines suggest an extrapolated 6,000 acre (24.3 square kilometer) seismic amplitude anomaly area at that drilling target.
The report on this drilling target noted previous 2D seismic data showing that the Permain aged section of the Bowen Basin has conventional gas fields at similar time and depth to PEP11 at the Triassic/Permain age boundary.
These fields have inter-bedded coal and gas sands in the late Permain that are probably correlative to the PEP11 late Permain target.
The PEP11 project is ideally placed to potentially provide gas into the east coast gas market. APPEA has stated that the March 2016 Gas Statement of Opportunity released by the Australian Energy Market Operator "warns that the developed gas reserves in Eastern and South Eastern Australia can only meet forecast demand unti 2019."
The timing of the survey will be confirmed, pending necessary regulatory approvals.
PEP11 is held 85 percent and operated by Asest Energy Pty Ltd. Asset Energy Pty Ltd. is a wholly owned subsidiary of Advent Energy Ltd. Bounty Oil & Gas NL holds the remaining 15 percent of PEP11.
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