Advent Energy, through its wholly-owned subsidiary Asset Energy, is preparing to drill the first petroleum exploration well in the offshore Sydney Basin in the third quarter of 2010.
The drilling program is taking place in PEP 11 – New South Wales’ sole offshore petroleum exploration permit.
A history of PEP 11
PEP 11 covers a significant proportion of the offshore Sydney Basin and has seen numerous seismic and geophysical acquisition surveys since the middle of the 20th century.
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PEP 11 covers 8,250 sq km on the doorstep of Australia’s largest energy market and extensive gas infrastructure.
University, state and federal government bodies continue to research the continental shelf and slope of Australia’s east coast margin. Unfortunately, the majority of seismic data acquired in the region of PEP 11 is old and of insufficient quality to assist greatly in the current exploration data compilation.
The permit has previously been estimated to contain up to 16.3 trillion cubic feet (Tcf) prospective recoverable gas resources.
Three programs of modern 2D seismic data have been acquired over PEP 11. These include 1,742 km in 1981, 603 km in 1991 in the ‘Seaspray’ survey by Santos and Ampolex, and 1,460 km in 2004 by Advent’s joint venture partner Bounty Oil & Gas.
Advent farmed into PEP 11 in 2006 following the 2004 seismic acquisition and earned a 25 per cent interest in the permit. Advent has very recently reprocessed the 2004 seismic data and integrated it with the 1981 and 1991 data – the integrity of the large-scale structures has been retained and numerous direct hydrocarbon indications have been observed.
Advent assumed operatorship of PEP 11 in 2008 and has since generated an extensive accumulation of data demonstrating an active hydrocarbon system.
Numerous hydrocarbon indications observed in seismic data have considerably de-risked the exploration effort in PEP 11.
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