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24/05/23

07:36

Post #: 67928763
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Originally posted by LTD078: ↑

3 January 2011
Companies Announcement Office
Australian Securities Exchange Limited
10th Floor, 20 Bond Street
SYDNEY NSW 2000
NEW SEACLEM-1 AND PEP11 UPDATE
• Advent Energy and its joint venture partner Bounty Oil & Gas (ASX: BUY)
confirm intent to progress exploration in PEP11 following the securing of
information from the first well program.
• Future intentions include conducting detailed seismic investigation and
further exploration drilling.
• Advent Energy has provisionally increased its interest in PEP11 to 85%
pending formal notifications to joint venture partner Bounty Oil & Gas.
MEC Resources (ASX:MMR) is pleased to advise of the following information received from its investee
company Advent Energy Ltd (Advent) regarding the New Seaclem-1 well and PEP11.
• In the drilling of the New Seaclem-1 well, Advent has collected a significant volume of
valuable and new information about a previously unexplored area offshore Sydney Basin.
Included in these findings is the identification of potential reservoir and seal pairs which
consist of high porosity Tertiary sandstones along with several formational and
intraformational seals. One such sandstone was interpreted to comprise 40 metres
thickness with an average porosity of 30%, with considerable thickening updip potential for
future exploration. The size and extent of any structures targeting these potential reservoirs
would require the acquisition of additional seismic data.
• A final wireline logging run was conducted at the conclusion of drilling as an additional
assessment to the LWD (logging while drilling) data. This wireline logging demonstrated
numerous sand bodies lying above total depth (TD) that demonstrated porosity and
permeability, though in this case, appear to be contain high salinity water. This confirms
Advent’s position that the offshore Sydney Basin comprises appropriate reservoir
development for the potential discovery of moveable hydrocarbons. This augurs well for the
development of potential reservoir sandstones at Advent’s deeper structural targets
including the Fish and Baleen prospects.
• The Fish and Baleen prospects have been independently estimated to each comprise a
multi-trillion cubic feet (TCF) potential for the discovery of natural gas. The independent
report by consultant Tim Berge has given a P50 estimate of 6 TCF of prospective
Recoverable Gas Resources for all Permo-Triassic prospects.
• The New Seaclem-1 well reached a TD of 750 mRT, and has now been completed as per
the drilling programme. Demobilisation of third party contractors and the drilling rig is now
reaching its final stages, with contractual handover of the rig to the next operator anticipated
for Friday. New Seaclem-1 was completed on time, safely and in compliance with
environmental requirements under the supervision of drilling engineering and project
management group Du-El Drilling Services. As this was the first well in the offshore Sydney
Basin the well was designed to deal with potentially over pressured sections within the
Tertiary and older formations. The New Seaclem- 1 well encountered normally pressured
formations. The presence of the normal pressure regime should allow for future drilling to be
conducted in a more timely and cost-effective manner.
• Further evaluation work will now be carried out on all aspects of the data obtained from the
drilling of New Seaclem-1. In the New Seaclem 1 area previously published geological

Seems a long time between drills.....

Expand

Would have been drilled in 2022 except for Scott Morrison. 2016-2019 is the force majeure, that's the heart of the delay.

BPH Price at posting: 2.1¢ Sentiment: Buy Disclosure: Held
8 Upvote

0 Great analysis

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