Advent Energy Limited

 

 Thumbnail image for oceanpatriotAdvent Energy

was formed in 2004 and is an unlisted oil and gas exploration and production company based in Perth, Western Australia.

 

Advent has assembled an attractive portfolio of assets both on and offshore Australia that have had an estimated $126 million spent on historic exploration.  All permits are located next to a ready market and/or excellent infrastructure, thereby maximising Advent’s ability to optimise any resources.


Included in the portfolio is:

•    Petroleum Exploration Permit 11 in the offshore Sydney Basin. This permit has been assessed to contain up to 13.2 Tcf (P50 or 'best estimate' level) prospective recoverable gas resources adjacent to the major population region of Sydney and excellent port and power generation infrastructure.

•    Retention Lease 1, and Exploration Permit 386, in the OnshoreBonaparte Basin.

PEP 11 Oil and Gas Permit

Advent, through wholly owned subsidiary Asset Energy Pty Ltd, holds 85% of Petroleum Exploration Permit PEP 11 – an exploration permit prospective for natural gas located in the Offshore Sydney Basin. Joint Venture partner Bounty Oil & Gas NL holds the remaining 15%.

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 Offshore Sydney Basin are generally located less than 50km from the Sydney-Wollongong-Newcastle greater metropolitan area. This area has a population of approximately 5,000,000 people.

The prospectivity of this proven petroleum basin has been enhanced by the confirmation of the presence of apparent ongoing hydrocarbon seeps. Sub-bottom profile data, swath bathymetry, seismic and echosounder data collected by Geoscience Australia along the continental slope / permit margin has demonstrated active erosional features in conjunction with geophysical indications of gas escape.

Advent has previously interpreted significant seismically indicated gas features. Key indicators of hydrocarbon accumulation features have been interpreted following review of the 2004 seismic data (reprocessed in 2010). The seismic features include apparent Hydrocarbon Related Diagenetic Zones (HRDZ), Amplitude Versus Offset (AVO) anomalies and potential flat spots.

In addition, a new geochemical report was received during the year that provided support for a potential exploration well in PEP11. The report reviewed the hydrocarbon analysis performed on sediment samples obtained with PEP11 during 2010. The 2010 geochemical investigation utilised a proprietary commercial hydrocarbon adsorption and laboratory analysis technique to assess the levels of naturally occurring hydrocarbons in the seabed sediment samples.

The report supports that the area surrounding the proposed drilling site on the Baleen prospect appears best for hydrocarbon influence relative to background samples. In addition, the report found that the Baleen prospect appears to hold a higher probability of success than other prospects. Importantly, “a recent review of more than 850 wildcat wells – all drilled after geochemical surveys – finds that 79% of wells drilled in positive anomalies resulted in commercial oil and gas discoveries.” (Surface geochemical exploration for oil and gas: New life for an old technology, D. Schumacher, 2000, The Leading Edge)

Advent has demonstrated considerable gas generation and migration within PEP11, with the mapped prospects and leads highly prospective for the discovery of gas.

Heightening the prospectivity and critical positioning of PEP11, the Australian Energy Market Operator warned during the year that the developed gas reserves in eastern and south-eastern Australia can only meet forecast demand until 2019. The NSW onshore gas industry is in turmoil and gas reserves are declining in the Bass Strait and Cooper Basin. The east coast gas prices have recently hit staggering prices, due to gas shortages as a result of winter temperatures and LNG exports from Gladstone, Queensland. Spot prices on wholesale markets in Sydney have reached nearly $29 per gigajoule, as reported in the Australian Financial Review (1st July 2016).

Advent is pushing ahead with a focussed seismic campaign around a key potential drilling prospect in PEP11, in the offshore Sydney Basin.

A high resolution 2D seismic survey covering approximately 200 line km will be performed to assist in the drilling of the Baleen target approximately 30 km south east of Newcastle, New South Wales. A drilling target on the Baleen prospect with total depth of 2150 metres has been identified in a review of previous seismic data. Intersecting 2D lines suggest an extrapolated 6000 acre (24.3 km2) seismic amplitude anomaly area at that drilling target. The report on this drilling target noted previous 2D seismic data showed that the Permian aged section of the Bowen Basin has producing conventional gas fields at a similar time and depth to PEP11 at the Triassic/Permian age boundary.

 

BPH Energy - A future player in the world oil & gas market, watch aYouTube video for further information:   http://www.youtube.com/watch?v=blHNFMZQxMk.

Also for further information on Advent Energy please visit their website:  www.adventenergy.com.au.

 



Email Subscription


Enter your email address below to receive our email updates





ASX LOGO