EXTENSION AND VARIATION APPLICATIONS FOR PEP-11 PERMIT TO ENABLE DRILLING OF SEABLUE 1 GAS WELL AT BALEEN
PEP11 UPDATE
Perth, Sep 1, 2023 AEST (ABN Newswire) - BPH Energy Limited (
ASX:BPH) and Bounty Oil & Gas NL (ASX:BUY) refer to the ASX announcement dated 21 July 2023 regarding PEP-11.
Asset Energy Pty Ltd (a wholly owned subsidiary of Advent Energy Limited, an investee of BPH Energy Limited) continues to progress the Joint Venture's applications for the variation and suspension of work program conditions and related extension of PEP-11.
Asset has provided additional information to NOPTA (National Offshore Petroleum Titles Administrator) in response to NOPTA's recent requests for further information.
While the applications for the variation and suspension of work program conditions and related extension of PEP-11 are being considered, Asset is continuing to investigate the availability of a mobile offshore drilling unit to drill the proposed Seablue-1 well on the Baleen prospect and is in communication with drilling contractors and other operators who have recently contracted rigs for work in the Australian offshore beginning in the first half of 2024. Further updates will be provided in the BPH Quarterly report to ASX.
PEP-11 continues in force and the Joint Venture is in compliance with the contractual terms of PEP11 with respect to such matters as reporting, payment of rents and the various provisions of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth).
THE IMPORTANCE OF NEW GAS PROJECTS AND GAS SUPPLY
Asset and its Joint Venture partner Bounty Oil & Gas NL (ASX:BUY) have continued to monitor gas market demand. The analysis contained in the AEMO (Australian Energy Market Operator) report 'Gas Statement of Opportunities' (GSOO) has made a number of key findings.
- Despite increased production commitments from the gas industry since the 2022 GSOO, gas supply in southern Australia is declining faster than projected demand.
- As Australia transforms to meet a net zero emissions future, gas will continue to complement zero emissions and renewable forms of energy, and to provide a reliable and dispatchable form of electricity generation.
- The 2023 GSOO highlights continued risks of short-term gas supply shortfalls and long-term gas supply gaps arising from reducing production from southern Australia. In particular, the risk of peak day shortfalls continues to be forecast under very high demand conditions in the southern states from winter 2023.
- Short-term critical gas adequacy conditions include:
- Extreme weather conditions across southern regions that drive high coincident peak demand for gas consumption may lead to gas shortfalls, particularly if combined with high gas generation (if alternative electricity generation resources are unavailable).
- Peak day gas shortfall risks would increase if committed infrastructure developments to reduce transmission constraints were not delivered to schedule.
The GSOO report confirms:
- Production (from existing sources) is projected to decline significantly with much of the decline occurring in the Gippsland Basin (Victoria).
- New sources of gas supply will be needed.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/8X1L64UL
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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