Advent Energy is currently evaluating what type of rig to use for a drill target in the PEP11 in the Sydney Basin, offshore Australia.
PEP11 is held 85% and operated by Asset Energy, a wholly owned subsidiary of Advent Energy, an investee entity of MEC Resources. Bounty Oil & Gas NL holds the remaining 15% of PEP11.
According to MEC Resources, a future drill target was announced in September 2015, and a revised drill target on the Baleen prospect on seismic line B4-18 was identified with a total depth of 2150 metres. This target was found to be analogous with existing producing fields, the company said.
Evaluation of the nature and type of rigs potentially available to drill this target in PEP11 is underway. The drilling target at Baleen is in 125 m of water. The decision to drill in the future will be subject to final technical review and will require further fund raising or joint venture.
A seismic survey covering approximately 200 line km is currently being planned to assist in the potential future drilling of this target approximately 30 km south east of Newcastle, New South Wales.