Sponsored

Bounty (ASX:BUY) informs about securing drilling rig services at Baleen-1

Summary

  • The Call for Tender to provide drilling rig services for the Baleen-1 exploration well was issued on 9 June 2021.
  • Once the well is drilled to its final depth and has been fully evaluated, it will be plugged and abandoned, as per the pre-drill planning, as an exploration well. A gas discovery will require a cased testing appraisal well to determine reserves.
  • The PEP-11 project is also being assessed and evaluated for the implementation of innovative and modern Carbon Capture and Storage (CCS) to reduce NSW’s carbon emissions.

Bounty Oil & Gas NL (ASX:BUY) informed the shareholders that a Call for Tender to secure drilling rig services for the Baleen-1 exploration well was issued recently. The tender invites drilling contractors. Semi-submersible drilling units in the region can apply for it.

A constant stream of news flow from the PEP-11 permit has been hitting the bourses as the project inches towards the exploration well drilling campaign at the Baleen-1 prospect. BUY shares traded 10% higher to hit an intraday high of AU$0.022 a share on 9 June 2021.

Read Here: Bounty Oil & Gas NL (ASX:BUY) Highlights Gas & Geosequestration opportunity at PEP11

Inching towards Exploration drilling at Baleen-1 prospect

The Baleen-1 exploration well is planned to drill in 125m of water in the offshore Sydney basin and is located 30 km SSW of Newcastle. The well will target the Permian / Triassic age sequences similar to the offshore WA Carnarvon Basin. The drilling activity at the Baleen-1 prospect is subject to regulatory approvals and is anticipated to be completed within 40 days to reach to the final depth.

The exploration drill at Baleen-1 intends to focus on–

  • Discovery of a gas target.
  • Assess and evaluate the potential for Carbon Capture Storage (CCS), contingent upon funding.

Once the well is drilled to its final depth, and fully evaluated, the well will be plugged and abandoned as per the pre-drill plans. Subsequently, the wellhead and associated equipment well will be removed from the seabed, pending an appraisal / production well.

PEP-11: A Premium Asset with boundless potential

Advent Energy owns an 85% stake in the PEP-11 project Joint Venture (JV) through its wholly owned subsidiary Asset Energy. The remaining 15% stake in the JV is held by Bounty. The PEP-11 permit is currently operated by Advent Energy.

Must Read: Bounty Oil & Gas NL (ASX: BUY) waiting to get the drill rods spinning at PEP 11

The PEP 11 permit is situated in the premier offshore location in the Sydney Basin and holds significant potential for further discovery of natural gas. The permit stretches over an area of 4,649 km2 at the doorstep of Sydney-Newcastle in the neighbourhood of major gas infrastructure.

Baleen-1 prospect and PEP-11 permit in the offshore Sydney Basin Source: Bounty Oil & Gas 9 June 2021

The joint venture partners have taken cognizance of the potential opportunity at the offshore Sydney Basin to significantly reduce NSW’s carbon emissions using innovative and modern Carbon Capture and Storage (CCS). CCS is a widely accepted probable answer to mitigate greenhouse gas emissions.

Important Read: Bounty Oil & Gas NL (ASX:BUY) outlines Gas & CCUS opportunity at PEP11

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK