BPH reaches another milestone in progressing Baleen prospect
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
In a development that will assist in paving the way for drilling of the Baleen prospect, offshore New South Wales, BPH Energy Ltd’s (ASX:BPH) investee company, Advent Energy Ltd through its wholly-owned subsidiary Asset Energy Pty Ltd (Asset), has signed a Preliminary Well Services Agreement with Add Energy.
Advent Energy Ltd is an unlisted oil and gas exploration company held by major shareholders, BPH Energy, Grandbridge (ASX: GBA) and MEC Resources (ASX: MMR).
The group holds a strong portfolio of near-term development and exploration assets spanning highly prospective acreage onshore and offshore Australia in proven petroleum basins.
Advent Energy’s asset base also incorporates both conventional and unconventional petroleum targets.
Under the agreement, Add Energy will initiate a review of rig availability and engagement terms for the Baleen well program.
The following map shows the location of Block PEP 11 offshore Australia where the Baleen well site is situated.
Add Energy brings global experience
Add Energy will also develop a scope of supply for regulatory and environmental compliance, while also reviewing the drilling campaign schedule, including a review of the program for geosequestration drilling research as part of the Baleen drill project.
The group operates in every region of the world, including 15 locations in Europe, the Middle East, the Americas and Australia.
With this background it will bring experienced drilling and well engineering, specialised consultancy services and solutions to the energy industry on a global scale, including well design and environmental services.
Advent has submitted to the National Offshore Petroleum Titles Administrator (NOPTA) an application to enable the drilling of the Baleen drill target in the PEP11 permit offshore NSW.
Through its wholly owned subsidiary asset, Advent holds an 85% interest and is operator of the permit.
Bounty Oil and Gas NL (ASX: BUY) holds the remaining 15%.
Permit decision could provide share price momentum
The Joint Venture applied to NOPTA in 2020 for a change to the current permit conditions to proceed with the drilling.
Management confirmed today that this application which will be a material development for the group is in the final decision phase.
Prior to these developments, BPH entered into an agreement in relation to Advent’s Offer Information Statement, to sub-underwrite the Advent raising for an amount of $1,000,000.
In terms of fully capitalising on the offshore prospect, BPH appointed Professor Peter Cook as an advisor on geosequestration (the geological storage of carbon dioxide) for its project in the Offshore Sydney Basin.
This region offers the potential opportunity for NSW to make deep cuts in its CO2 emissions through CCS -Carbon Capture and Storage (geosequestration of CO2 emissions).
CCS is part of a suite of solutions with the potential to mitigate greenhouse gas emissions and help address climate change.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
