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What does Bounty Oil & Gas NL’s (ASX:BUY) update on Seablue-1 exploration say?

Highlights

  • Bounty’s partner 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 exploration well is planned to be drilled in 125m water, 26km offshore in the Sydney basin.
  • Through the exploration program, the partners look to achieve multiple objectives like testing a gas target and evaluation for Carbon Capture Storage, subject to financing.

Oil & Gas player Bounty Oil & Gas NL (ASX:BUY) shared an upbeat market update through its PEP-11 gas project joint venture partner, BPH Energy Limited (ASX: BPH). As per the update, a Letter of Intent has been issued by Advent Energy via its subsidiary Asset Energy to Weatherford Australia Pty Ltd to provide Liner Hanger & Expandable Equipment and Services for the proposed Seablue-1 exploration well.

Weatherford is a renowned name in the global Oil & Gas industry and provides premium wellbore and production solutions for the industry. The exploration well is planned to be drilled in 125m water, 26km offshore in the Sydney basin.

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

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

PEP11 Gas Project

The drilling is contingent on securing regulatory approvals and will take over 40 days to reach its final depth. Advent Energy Ltd holds 85% interest in the PEP11 project while Bounty owns the remaining 15% interest.

Suggested Read: Bounty Oil & Gas NL shares an update on PEP-11 JV; US subsea contractor picked for Seablue-1 well

Through the exploration program, the partners look to achieve multiple objectives like testing a gas target and evaluation for Carbon Capture Storage, subject to financing. The well is planned to be plugged and abandoned once it achieves total depth and has been completely evaluated. Also, in line with the pre-drill planning, the wellhead and related equipment will be removed from the seabed.

Bounty traded at AU$0.014 a share on 15 October 2021 at 11:42 AM AEST with a market capitalisation of AU$16.44 million.

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

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