Sponsored

BPH Energy Limited (ASX: BPH) updates on Seablue-1 exploration well, Call for Tender issued

Highlights

  • A Call for Tender has been issued by Asset Energy, to provide Drilling Fluids & Solids Control Equipment, Materials and Services for the proposed Seablue-1 exploration well.
  • In October, a Letter of Intent was issued to Weatherford Australia to provide the Liner Hanger & Expandable Equipment and Services at the Seablue-1 exploration well.
  • The drill program is anticipated to be completed in 40 days.

BPH Energy Limited (ASX: BPH) announced the issuance of a Call for Tender by Advent Energy’s subsidiary Asset Energy to provide Drilling Fluids & Solids Control Equipment, Materials and Services at the Seablue-1 exploration well.

In October, a Letter of Intent was issued to Weatherford Australia to provide the Liner Hanger & Expandable Equipment and Services at the Seablue-1 exploration well.

Related Article: BPH investee Advent issues rig tender for Baleen-1 exploration well

The proposed well will be drilled in 125m of water, just 26km offshore and 30km SSE of Newcastle. The well drilling is conditional on securing the regulatory approvals and funding for the program. The drill program is anticipated to be completed in 40 days.

The exploration well targets to fulfil two major objectives –

  1. Testing a gas target
  2. Estimation and evaluation of Carbon Capture Storage potential, subject to funding

When the well reaches its final depth and is fully evaluated, it will be plugged and abandoned in accordance with the regulatory requirements and the pre-drill planning as an exploration well. Subsequently, the wellhead and the associated eq1uipment will also be removed from the seabed.

Must Read: BPH investee Advent issues tender for drilling & project management services for Baleen-1 well

PEP-11 Gas Project

The PEP11 gas project is 85% owned by BPH’s investee Advent Energy and the remaining by Bounty Oil and Gas NL (ASX:BUY). Advent is a privately held oil and gas explorer owned by BPH Energy, Grandbridge and MEC Resources (ASX: MMR).

The PEP 11 project in the Sydney Basin Baleen-1 well site location Source: Company announcement 5 July 2021

The Offshore Sydney Basin offers a substantial opportunity for New South Wales to minimise its carbon dioxide emissions using Carbon Capture and Storage (CCS) technology. The technology has been recognized as one of the most efficient solutions to cut down on carbon emissions and help address climate change.

Related Article: BPH Investee Advent issues Letter of Intent for upcoming Seablue-1 exploration well

BPH is trading at AU$0.044 with an uptick of 2.3% on 25 November 2021 (as at 1:00 PM AEDT). The Company has a market cap of AU$28.59 million.

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