--The below is a company sponsored announcement--
Late in 2019, the
This has put many trade-exposed Australian manufacturers under extreme pressure.
There is also continuing uncertainty about the longer-term supply outlook.
In its latest Gas Statement of Opportunities (GSOO), the
These shortages should work in favour of emerging oil and gas developers, particularly those with resources close to infrastructure such as pipelines, as well as proximity to major hubs where there is strong demand from the residential and/or industrial sectors.
One company that could benefit is
BPH's 22.6% direct interest in Advent has provided the company with exposure to high profile assets in the onshore
Gas assets
PEP 11 is a significant offshore exploration area with large scale structuring and potentially multi-trillion cubic feet (Tcf) gas charged Permo-Triassic reservoirs.
Mapped prospects and leads within the
It is perfectly placed to influence gas supply in the region, with Advent looking to fast track its work in the region after submitting an application to the National Offshore Petroleum Titles Administrator (NOPTA) to enable the drilling of the Baleen drill target in the PEP11 permit offshore NSW.
The PEP11 Joint Venture has reviewed the work program and now proposes to proceed with the drilling of a well at Baleen subject to approvals from NOPTA and other regulatory authorities and financing.
An application is now been made to NOPTA to change the current permit conditions to proceed with the drilling.
Bounty and Asset Energy are now moving to a drill ready status for PEP11.
The current permit expiry date is in
The Joint Venture will further update the market on the timing of these approvals when details are available.
Massive gas resources
The PEP11 project lies in the offshore
The PEP11 project comprises significant structural targets believed to hold multi-trillion cubic feet natural gas resources.
PEP11 is supremely located to potentially supply gas into the east coast gas market.
The gas supply crisis on the east coast of
As a means of assessing the industry outlook, the
BPH noted that this has put many trade-exposed Australian manufacturers under extreme pressure.
There is also continuing uncertainty about the longer-term supply outlook.
The Gas Statement of Opportunities (GSOO) released in
Advent with JV partner Bounty Oil completed a 200-line kilometre 2D seismic survey in PEP11 in the second quarter of 2018 at Baleen as a precursor to drilling of this target approximately 30 kilometres south east of Newcastle.
PEP 11 covers nearly 4600 square kilometres of the offshore
The permit area remains one of the most significant untested gas plays in
Importantly, the PEP JV has demonstrated considerable gas generation and migration in the offshore
Earlier today the corporate announcement above was publicly released. FNArena is acting as a partner in distribution to broaden the reach. No journalists have been involved in the re-publication of this announcement.
Technical limitations
If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.
FNArena is proud about its track record and past achievements: Ten Years On
All material published by
© 2020 Acquisdata Pty Ltd., source