Advent Energy Ltd ("Advent") is pleased to advise that is has received technical reviews from Tanvinh Resources Pty Ltd and Pangean Resources LLC supporting a significant increase in the estimated prospective recoverable resources within the PEP 11 Offshore Sydney Basin.
Following these reviews, Advent have provided an increase in the 'best estimate' (P50 level) to 13.2 trillion cubic feet (Tcf) of prospective gas resources. Prospects and leads within the Permo-Triassic sedimentary sequence were estimated to contain 6.0 Tcf (P50) whilst estimates for the Cainozoic sedimentary sequence are 7.2 Tcf (P50).
Advent Energy Ltd ("Advent") is pleased to advise that is has received technical reviews from Tanvinh Resources Pty Ltd and Pangean Resources LLC supporting a significant increase in the estimated prospective recoverable resources within the PEP 11 Offshore Sydney Basin.
Following these reviews, Advent have provided an increase in the 'best estimate' (P50 level) to 13.2 trillion cubic feet (Tcf) of prospective gas resources. Prospects and leads within the Permo-Triassic sedimentary sequence were estimated to contain 6.0 Tcf (P50) whilst estimates for the Cainozoic sedimentary sequence are 7.2 Tcf (P50).
Mr Lan Nguyen of Tanvinh Resources is a professional petroleum geologist & engineer with over 20 years experience in petroleum exploration, development and production. He is the former Managing Director of ASX listed Mosaic Oil Limited and has been credited with the discovery and development of many oil and gas fields in the Surat-Bowen Basins through his innovative introduction of various exploration, drilling and completion technologies to Queensland and Australia.
Mr Tim Berge of Pangean Resources is an internationally recognized Geophysicist with over 30 years of experience. He is an industry expert in AVO (Amplitude Versus Offset), inversion, workstation interpretation, sequence and structural geology, reserves certification and risk assessment. In 2000, Tim Berge was principally involved in the discovery of the Ibhubesi field on the west coast of South Africa, which has been described as comprising a 25 Tcf unrisked resource potential.
In addition to the above, Total Depth Pty Ltd, the company's Geophysical consultant, has identified AVO anomalies surrounding the major prospects and also identified new areas of interest arising from independent analysis of 1460 kilometres of recently reprocessed 2D seismic data (by Fugro Seismic Imaging). While AVO methodology is a recognised methodology employed by major oil companies to identify exploration potential, the absence of any offshore well control to calibrate this analysis limited the use of this technology to the definition of areas of interest. The extent of the AVO observations are set out in the attachment with this announcement.
The AVO observations broadly correlate with locations of existing structures and leads such as the greater Fish prospect. Moreover, they provide corroboration with other data types collected during our assessment of the acreage.
Mr Jim Dirstein of Total Depth Pty Ltd has specialist expertise in the processing and analysis of seismic data for the exploration, appraisal and development of conventional and unconventional reservoirs. He has more than 30 years of international experience providing advice to Petroleum, CSG and Mining clientele.
Advent has secured the semi submersible drilling rig, Ocean Patriot to drill an exploration well in PEP11 later in 2010.