BPH Energy Limited, an Australian exploration company, is driving developments in the energy sector with its recent updates on its Petroleum Exploration Permit, PEP-11. It is a significant energy project carried out off the coast of Sydney in the offshore Sydney Basin, solely operated by Asset Energy, a wholly-owned subsidiary of Advent Energy.
Strategically located approximately 26km offshore from Newcastle, New South Wales, the PEP-11 permit covers a substantial area of 4,576km2. It represents an opportune investigation field to discover potential gas resources that could cater to the increasing gas demand in New South Wales.
The company’s tech subsidiary, Cortical Dynamics, recently received a Research Agreement with the University of Adelaide. The deal aims to understand the interaction between cortical responses and anaesthesia, highlighting the role of BPH in critical sectors beyond energy.
The most recent update on PEP-11 came from Advent Energy, which submitted an application via Asset Energy to the National Offshore Petroleum Titles Administrator (NOPTA). The application seeks for an extension to the PEP-11 permit suspension, initially approved until March 2021. This extension aims to supply more time for drilling a well in the Baleen target, a highly prospective drilling location identified by comprehensive seismic surveys.
The decision to extend the permit suspension reflects the complexities surrounding the drilling project in the offshore Sydney Basin, primarily driven by the COVID-19-induced restrictions. These restrictions have significantly impacted the global logistics, supply chains, and operational considerations of the energy sectors. Moreover, the company also cited the time required for accomplishing the Environment Plan for Baleen, subject to approvals from the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA).
However, these challenges did not deter Advent from affirming its long-term commitment to the PEP-11 project. The company plans to carry out 2D seismic data interpretation, already completed on existing lines around the Baleen target, in conjunction with a comprehensive study of the PEP-11 area.
The seismic survey outlined the modulated structure of the prospective section, validating the large-scale basin-centred gas play. The Baleen target was also assessed to be a substantial, independent structural high.
In contrast to conventional plays, identifying a prospective segment warrants the interpretation of the entire basin to ensure the prospect’s effectiveness. The company will accomplish this by tying the 2D seismic data with other available survey data within the permit area.
As for funding, Advent continues to engage with several parties for potential financial aid to support the PEP-11 project. Although no agreement has been executed as of today, the company is hopeful for unusual financial leverage for drilling the Baleen well.
In conclusion, the updates on BPH Energy’s PEP-11 demonstrates the company’s undeterred commitment towards innovative energy projects amidst significant global challenges. With its imminent decision on the permit suspension extension, this project promises to unveil new opportunities and strategic pathways for the energy sector in Australia.