BPH’s Investee Advent Reports Another Set of Significant Findings from PEP 11 Literature Review

  • Jul 07, 2020 AEST
  • Team Kalkine
BPH’s Investee Advent Reports Another Set of Significant Findings from PEP 11 Literature Review

Summary

  • BPH’s investee Advent has identified another crucial report from PEP 11 literature review, that was prepared by Ampolex Limited.
  • Ampolex report has highlighted that the Baleen South Lead was one of their major targets, and the primary source rocks could provide a viable, mature, gas/condensate source along the length of the Offshore Uplift.
  • The initial objective of Advent is to progress with the drilling of well at PEP 11’s Baleen target, subsequent to all regulatory approvals.
  • The major gas supply crisis occurring on the east coast of Australia is unfolding a significant market opportunity for Advent to raise funds for drilling at Baleen target in order to develop the PEP11 project.

Just a week after reporting key findings from Santos 1990 study, BPH Energy Limited’s (ASX:BPH) investee Advent Energy Ltd has identified another crucial report from PEP 11 literature review, that was prepared by Ampolex Limited. The report was produced after additional seismic surveys were conducted in the PEP11 permit area in 1991, 2004, and 2017.

The report revealed further major findings from literature review covering Advent’s PEP 11 permit in the Offshore Sydney Basin. Advent owns an 85% interest in PEP 11 permit, which is one of Australia’s most significant untested gas plays. PEP 11 is a high impact exploration project located immediately adjacent to the largest domestic gas market in Australia.

On 1 July 2020, Advent reported key discoveries from Santos 1990 study, which highlighted the potential of offshore Sydney Basin for gas and identified ten structural leads with a total prospective gas-in-place of 1 TCF.

Ampolex Study- Key Findings

The key findings from Ampolex 1992 study “Evolution and Hydrocarbon Prospectivity of the Offshore Sydney Basin NSW P10” conducted on the Offshore Sydney Basin are as follows:

The Ampolex report referred to Baleen South Lead, situated about 30 km south-southeast of Newcastle or 20 km offshore on the crest of the “Offshore Uplift”. The report mentioned that the structure was mapped with 1991 seismic data while the closure having 200 msec of relief (around 850 to 1050 ms two-way time) is encircled on its west by the central thrust regulating the Offshore Uplift.

The report findings validated that the late Permian Coal Measures or the primary source rocks, which are inferred to be more extensive, could offer a mature, viable, gas/condensate source along the Offshore Uplift’s length.

The report stated that Hawkesbury Sandstone is the primary target reservoir in the offshore Sydney Basin and Newport Formation Tidal shales and/or Wianamatta Group shales would provide an excellent top seal.

In addition to these findings, the report indicated that the Sydney Basin is a part of a much broader foreland basin that once extended southwards from Queensland’s Bowen Basin via the Sydney -Gunnedah Basins to the Nilsen -Mackey Basin.

Advent to Drill a Well at Baleen

The initial objective of Advent is to progress with the drilling of a well at PEP 11’s Baleen target, subsequent to all regulatory approvals. In January this year, the Company submitted an application to regulatory authority National Offshore Petroleum Titles Administrator (NOPTA) to allow well-drilling at Baleen.

The application to NOPTA has been made to change the current Permit conditions. The application includes the extension of the permit title for up to two years to facilitate the drilling and contains an application for the elimination of the requirement for a 500 sq. km 3D seismic program.  

Advent’s plan to drill a well at Baleen is supported by a former geochemical investigation conducted in 2010, which supported that the area surrounding the planned drilling site on the Baleen prospect seems best for hydrocarbon influence comparative to background samples. Additionally, the report found that the Baleen prospect seems to hold a greater probability of success relative to other prospects.

Advent, together with its JV partner Bounty Oil & Gas NL (ASX:BUY),  had also completed a 200-line km 2D seismic survey in Q2 2018 as a precursor to drilling at Baleen target.

Notably, Ampolex study and Advent’s previous investigations support the potential of PEP 11 permit area for considerable gas migration and generation in the offshore Sydney Basin. The Company believes the major gas supply crisis occurring on the east coast of Australia is unfolding a significant market opportunity for Advent to raise funds for drilling at Baleen target in order to develop the PEP11 project.

On 7th July 2020, BPH closed the day’s trade at $0.017, with a market cap of $6.72 million.

 


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