sydney well disappoints advent, page-3

sydney well disappoints Advent


Thursday, 30 December 2010

ADVENT Energy has failed to find hydrocarbons in the two primary objectives at its New Seaclem-1 well in the offshore Sydney Basin, though data has identified a thick porous tertiary sandstone reservoir.

The Ocean Patriot

The logs from New Seaclem-1 indicate the sandstone unit is more than 40 metres thick and has average porosity of 30%, while seismic data suggests there is updip structural potential which has not been tested.

Advent added that additional seismic would be needed to determine the size and extent of the structure.

New Seaclem-1 will be drilled towards the secondary target Triassic geological sequence and the company will run wireline logs through the Great White and Marlin primary target intervals to verify the initial data.

New Seaclem-1 will also be deepened so Advent can gain an understanding of the pre-Cainozoic age section, which will assist in mapping of the potentially gas-charged sequence.

Managing director David Breeze said that while Advent was disappointed by the results, the well had provided important data to assist with future exploration of PEP 11 as well as shown that an offshore well could be operated without issue to the local community on the central coast of New South Wales.

Both Advent and partner Bounty Oil & Gas will remain active participants in the permit with forward programs to consider additional seismic and another exploration well.

Once New Seaclem-1 is drilled, Advent will increase its interest in PEL 11 from 25% to 85% while Bounty, which has a free-carry on the project, will reduce its interest from 75% to 15%.

Disclosure: Aspermont, publisher of PetroleumNews.net, holds shares in Advent Energy.

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