Project Profile
Value: Undisclosed
Location: offshore Sydney Basin, Australia
Reserves: 4.7 TCF gas (P50 confidence level)
Area: 4,576 km2
Start-up Year: -
PEP 11 covers 4,576 km2 of the offshore Sydney Basin immediately adjacent to the largest gas market in Australia and is a high impact exploration project. Bounty’s farm in partner Advent Energy Ltd (Advent) has proven an active hydrocarbon generation and migration system as well as establishing an inventory of leads and prospects with prospective resources of 4.7 TCF gas at the P50 confidence level. The potential 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 echo sounder data collected by Geoscience Australia along the continental slope / permit margin has demonstrated active erosional features in conjunction with geophysical indications of gas escape.
The operator has previously interpreted significant seismically indicated gas features. Key indicators of hydrocarbon accumulation features have been interpreted following review of the 2004 seismic data which was reprocessed in 2010. The seismic features include apparent hydrocarbon related diagenetic zones (HRDZ), amplitude versus offset (AVO) anomalies and potential flat spots. Mapped prospects and leads within the offshore Sydney Basin are generally located less than 50 km from Australia’s largest energy market – the Sydney-Wollongong-Newcastle greater metropolitan area. This area has a population of approximately 5,000,000 people. The PEP 11 joint venture has demonstrated considerable gas generation and migration in the offshore Sydney Basin, with the previously observed mapped prospects and leads remaining highly prospective for gas. Australia’s MEC Resources is preparing to carry out a seismic survey in the Sydney Basin, offshore Australia. The preparatory works include procurement of specialist seismic service providers to assist in the new data acquisition planned for the PEP 11 licence located in the basin. The PEP11 joint venture participants are Asset Energy Pty Ltd (85% and operator) and Bounty Oil and Gas NL (15%).
Asset Energy Pty Ltd is a wholly owned subsidiary of MEC Resources Ltd investee entity Advent Energy Ltd.
Advent Energy Pty Ltd. is pushing ahead with a seismic campaign around a key potential drilling prospect in the PEP 11 exploration permit. (July, 2016)
Operators:
Asset Energy Pty Ltd (wholly owned subsidiary of MEC Resources Ltd): Operator with 85% interest
Bounty Oil and Gas NL: 15% interest