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Advent Energy, through its wholly owned subsidiary Asset Energy Pty Ltd, has recently increased its interest to 85% in cornerstone project PEP 11 - offshore Sydney Basin, following the drilling of New Seaclem-1. Bounty Oil and Gas (ASX: BUY) holds the remaining 15% of PEP11.
The offshore Sydney Basin contains all the elements seen in other producing world class structures. The PEP11 permit covers 8,250 square kilometres on the doorstep of Australia's largest energy market and extensive gas infrastructure. PEP11 covers a significant proportion of the offshore Sydney Basin, and also lays claim to being NSW's sole offshore petroleum exploration permit.
Advent assumed operatorship of PEP11 in 2008 and has since generated an extensive accumulation of data demonstrating an active hydrocarbon system in what is considered a proven petroleum basin. Repeated LandSat observed sea surface slicks, inshore observed and sampled thermogenic hydrocarbon seepage, extensive historical shore hydrocarbon accumulations, very large pockmarks along the continental slope, echosounder and sub-bottom profile indications of gas, numerous hydrocarbon indications (anomalous AVO, HRDZ, gas chimneys, flat spots) observed in seismic data have considerably de-risked the exploration effort in PEP11. The Sydney Basin is a proven hydrocarbon basin with excellent potential for the discovery of natural gas.
The permit has been estimated to comprise multi-Tcf prospective gas targets. Advent and JV partner Bounty are developing plans for further exploration of PEP11, including potential 3D seismic acquisition and exploratory drilling.