Investee Advent LOI to Award Contract for Subsea Equipment

Source: 8/17/2021, Location: Not categorized

BPH Energy Limited is pleased to advise that a Letter of Intent has been issued by Advent Energy to DQ Holdings Pty Ltd (Dril-Quip) for the provision of subsea wellhead equipment, materials and associated services for the upcoming Seablue-1 exploration well.

The well is planned to be drilled in 125m of water approximately 26km offshore and 30km SSE of the City of Newcastle. The drilling of the well is subject to regulatory approvals and is expected to take around 40 days to reach total depth.

The well has two objectives; (i) a gas target and (ii) evaluation for Carbon Capture Storage, subject to funding.

When the well has reached Total Depth and has been fully evaluated, it will be plugged and abandoned as per regulatory requirements, in line with pre-drill planning as an exploration well, the well head and associated equipment will be removed from the seabed.

PEP11 interests are: Advent Energy Ltd 85 %
Bounty Oil and Gas NL (ASX: BUY) 15%

David Breeze (Director) authorized the release of this announcement to the market.

Gulf Oil and Gas
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