Advent Energy Preliminary Well Services Agreement
Perth, Jan 13, 2021 AEST (ABN Newswire) - BPH Energy Ltd (
ASX:BPH) wishes to advise its investee company, Advent Energy Ltd (Advent) through its wholly owned subsidiary Asset Energy Pty Ltd (Asset), has signed a Preliminary Well Services Agreement (Agreement) with Add Energy (https://addenergy.no).
Under the Agreement Add Energy will initiate a review of rig availability and engagement terms for the Baleen well program. Add Energy will also develop a scope of supply for regulatory and environmental compliance and review the drilling campaign schedule including a review of the program for geosequestration drilling research as part of the Baleen drill project.
Add Energy provides drilling and well engineering specialized consultancy services and solutions to the energy industry on a global scale, including well design and environmental services. Add Energy is headquartered in Stavanger, Norway and operates in every region of the world from 15 locations including Europe, the Middle East, the Americas and Australia.
PEP11 gas project - NOPTA
BPH Investee 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.
Advent, through wholly owned subsidiary Asset, holds an 85% interest and is operator of the permit. Bounty Oil and Gas NL (ASX:BUY) holds the remaining 15%. As advised, the Joint Venture made application to NOPTA to change the current Permit conditions to proceed with the drilling.
The Company confirms that this application is in the final decision phase. The Joint Venture will further update the market on the timing of these approvals when detail is available.
Sub Underwriting - Advent
As previously announced, BPH has entered into an agreement in relation to Advents Offer Information Statement, to sub underwrite the Advent raising for an amount of $1,000,000.
Geosequestration
BPH recently confirmed the appointment of Professor Peter Cook as an advisor on geosequestration (the geological storage of carbon dioxide) for its project in the Offshore Sydney Basin. The Offshore Sydney Basin 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.
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About BPH Energy Limited
BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.
The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.
BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.
BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).
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