Australia-based Advent Energy is preparing to conduct a seismic exploration survey over the Baleen prospect located in PEP 11 license offshore New South Wales, Australia.
The PEP 11 is an exploration permit prospective for natural gas located in the Offshore Sydney Basin.
Advent Energy, an investee of MEC Resources, holds an 85% interest in PEP 11 through a subsidiary Asset Energy. Bounty Oil & Gas NL holds the remaining 15% interest in the license.
MEC, a company which invests into exploration companies targeting potentially large energy and mineral resources, said on Thursday that a two-dimensional seismic survey of approximately 200 line km is planned to start on April 9, 2018.
The survey will be undertaken over the Baleen prospect in PEP 11. It is anticipated to take approximately 3-4 days, and will be undertaken at a location predominantly 30km southeast of Newcastle, NSW. A tie line to the New Seaclem-l exploration well site, approximately 50km northeast of the main survey area, will also be undertaken for geological calibration of survey data.
According to MEC, mobilization of equipment and personnel to undertake the survey has started, with long lead items arriving on schedule. Operations will start upon full mobilization of all necessary personnel and equipment, and pending weather and sea state conditions.
This survey will be conducted pursuant to an environment plan accepted by the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA). Advent filed an environment plan of the planned survey to NOPSEMA back in July 2017. At the time, the company expected to start the seismic campaign during third quarter 2017.
The Baleen prospect is assessed to contain a P50 prospective resource of 0.475 Tcf with Advent Energy’s net share equal to 0.404Tcf (85%WI). Therefore, Advent’s working interest share of the two largest prospects is 2.189 Tcf.