gas explorer upbeat about its prospects

Gas explorer upbeat about its prospects off Newcastle coast

Posted 2 hours 26 minutes ago

Advent Energy could make an announcement this week about whether it has discovered a substantial gas field off the Newcastle coast.

Advent Energy began exploratory drilling two weeks ago with its rig positioned 55-kilometres off the coast of Newcastle.

Documentation sent by the company to the Australian Stock exchange before Christmas showed it was positive about finding commercial quantities of gas, based on geological similarities with other major international gas fields.

It says seabed features associated with the giant Gorgon project off Western Australia, one of the world's largest natural gas fields, are similar to those identified in the Sydney basin, off the coast of Newcastle.

These include pockmark features which indicate gas migrating along faults in the seabed.

Advent Energy was expecting a quick result from its test drilling and was hopeful it could announce its findings before the start of the new year.

Advent's Executive Director, David Breeze is unable to comment publicly on any results of the test drilling before the ASX is notified.

He says even if the tests prove positive, many hurdles will have to be overcome before the gas can be accessed.

"There would be substantial work before we get to that stage," he said.

"In other words we're looking at years, not months, in terms of the process that would follow a successful exploration well."

http://www.abc.net.au/news/stories/2010/12/27/3102025.htm