ADVENT Energy has increased its probable (P50) estimate for the offshore Sydney Basin PEP 11 permit to 13.2 trillion cubic feet following an independent technical review.
PEP 11, offshore Sydney Basin.
The company said the review carried out by Tanvinh Resources and Pangean Resources supports a significant increase in the estimated prospective recoverable resources within PEP 11.
Prospects and leads within the Permo-Triassic sedimentary sequence have been estimated to contain 6Tcf while the Cainozoic sedimentary sequence is estimated to have 7.2Tcf of prospective gas resources.
Advent expects to start drilling its first well in PEP 11 in mid-August with the Ocean Patriot semi-submersible rig.
The well will be drilled on a new target that has been increased to prospect status following the revision of newly reprocessed seismic data by Tanvinh Resources, and is expected to take about 25 days.
Bounty Oil & Gas has free carry on the project reducing from 75% to 15%. Advent Energy is increasing its interest from 25% to 85%.
************************************************** The news is at least getting out there
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