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Call for Tender issued for Bounty Oil & Gas’ Seablue-1 exploration well program

Highlights

  • A Call for Tender has been issued by Asset Energy for the proposed Seablue-1 exploration well.
  • The drill program is anticipated to be completed in 40 days.
  • The proposed well will be drilled in 125m of water, just 26km offshore in the Sydney Basin.

Bounty Oil & Gas NL (ASX:BUY) 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, as per the company's announcement, a Letter of Intent (LoI) was issued to Weatherford Australia. The LoI was issue to secure critical equipment and services for the Seablue-1 exploration well.

Also Read: Bounty Oil & Gas’ (ASX:BUY) Seablue-1 exploration well proposal progresses, letter of Intent issued to Oil States

The proposed well will be drilled in 125m of water, just 26km offshore in the Sydney Basin. 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 assessed, it will be plugged and abandoned. These activities will be performed in line with the pre-drill planning and to fulfil the regulatory requirements. Subsequently, the wellhead and the associated equipment will also be removed from the seabed.

PEP-11 Gas Project

The PEP11 gas project is 85% owned by BPH Energy Limited (ASX: BPH)’s investee Advent Energy and the remaining by Bounty Oil and Gas.

PEP-11 gas project

PEP 11 gas project in the Offshore Sydney Basin 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.

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

BUY closed at AU$0.010 a share on 25 November 2021. The Company has a market cap of AU$15.07 million.

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