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BPH Energy’s (ASX:BPH) Seablue-1 exploration well proposal progresses, letter of Intent issued to Weatherford

Highlights

  • BPH’s investee Advent Energy has issued a Letter of Intent to Weatherford Australia Pty Ltd to provide Liner Hanger & Expandable Equipment and Services for the proposed Seablue-1 exploration well.
  • The PEP 11 gas project is considered as one of the most substantial untested gas exploration plays across Australia.
  • The exploration well will be drilled after securing regulatory approvals and is anticipated to take over 40 days to reach the final depth.

BPH Energy Limited (ASX: BPH) announced the issuance of a Letter of Intent by Advent Energy via its subsidiary Asset Energy to Weatherford Australia Pty Ltd. Weatherford would be required to provide Liner Hanger & Expandable Equipment and Services for the proposed Seablue-1 exploration well.

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

PEP-11 Prospect: A Premium gas play in the Offshore Sydney Basin

The Seablue exploration well is proposed to be drilled in 125m of water, around 30km SSE of the City of Newcastle and 26km offshore in the Sydney Basin. The PEP-11 gas prospect is adjacent to Australia’s largest domestic gas market.

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

The PEP 11 gas project is considered as one of the most substantial untested gas exploration plays across Australia, which holds significant potential for multi-Trillion cubic feet (Tcf) gas-charged Permo-Triassic reservoirs. The gas project falls in line with the national gas strategy to actively explore the Offshore .

BPH Energy Limited (ASX: BPH)

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

The exploration well will be drilled after securing regulatory approvals and is anticipated to take over 40 days to reach the final depth. The exploration well targets to locate and assess the gas target and also evaluate the potential for Carbon Capture Storage, subject to funding.

Once the final depth of the well has been reached and the well is completely evaluated, it will be plugged and abandoned in compliance with regulatory requirements, in line with pre-drill planning, the wellhead and the associated equipment will be removed from the seabed. BPH’s investee Advent owns an 85% stake in the PEP-11 gas project and a 100% stake in the onshore R1 project in the Bonaparte Basin.

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

BPH Energy traded at AU$0.060 a share on 14 October 2021 with a market capitalisation of AU$40.56 million.

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