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BPH ENERGY LTD — Capital/Financing Update 2010
Nov 24, 2010
64555_rns_2010-11-24_9c4768fd-b655-4d0b-b010-0ab09c8dec84.pdf
Capital/Financing Update
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25[th] November, 2010
ASX/MEDIA RELEASE
New Seaclem 1 - Provisional Drilling Schedule
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Semi submersible rig “Ocean Patriot” courtesy of Diamond Offshore Inc
Bounty Oil & Gas NL (“Bounty”) announces that farmin partner; Advent Energy Ltd (Advent) has received a provisional date of Tuesday 7 December 2010 for the commencement of the operational handover of the semi submersible rig “Ocean Patriot” in preparation for drilling of the New Seaclem 1 exploration well in PEP 11 offshore Sydney Basin. The rig has been drilling in Bass Strait, offshore eastern Victoria.
The provisional rig schedule for the “Ocean Patriot” issued by the owner Diamond Offshore Inc is set out in the attached Schedule.
Bounty will release further updates on the schedule as soon as information is available.
2
New Seaclem-1 Well Summary
The New Seaclem 1 well will be drilled 55km east of Newcastle within Commonwealth Waters.
The well will be the first exploration well to be drilled offshore New South Wales.
New Seaclem-1 will target natural gas in the Great White and Marlin stratigraphic prospects contained within the Cainozoic age sedimentary sequence. The specific gas targets are within interpreted Tertiary age sandstone reservoirs in that sequence and on the basis of seismic interpretation and site surveys the Great White/Marlin prospects have prospective gas in place resources of 7 TCF in PEP11.
Bounty is free carried for all costs of the New Seaclem 1 well. Upon completion of the well Advent will increase its working interest in PEP11 from 25% to 85%. Bounty will thereby reduce its interest from 75% to 15%.
See location map below.
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For further information, and inquiries on Bounty’s 1:10 non- renounceable rights issue at $0.10 please contact:
Lead Manager: Claymore Capital: +612 9233 2063 Bounty Oil & Gas: Philip Kelso +612 929 97200 email: [email protected] email: [email protected]
Bounty is an Australian ASX listed oil producer and explorer. Its core petroleum production and exploration assets are located in the Cooper/Eromanga Basins and in the Surat Basin in Queensland and South Australia. Its growth assets are spread over a number of high impact projects in Australia and Tanzania where it is exploring for oil and gas. In Australia it is a participant in PEP 11, Sydney Basin with up to 16 trillion cubic feet (TCF) gas potential and in other permits. In Tanzania it is a participant in the Kiliwani North gas discovery and is exploring additional gas pools with up to 1 TCF potential.
Bounty has reserves and resources approaching 4 million barrels of oil equivalent.
[Information in this release that relates to or refers to petroleum or hydrocarbon reserves or resources is based on information compiled by Mr Philip F Kelso the CEO of Bounty Oil & Gas NL. Mr Kelso is a Bachelor of Science (Geology) and has practised geology and petroleum geology for in excess of 20 years. He is a member of the Petroleum Exploration Society of Australia and a Member of the Australasian Institute of Mining and Metallurgy. He has consented to the reporting of that information in the form and context in which it appears in this release.]
23/11/2010
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Asia Pacific Rig Schedule
| 1,500 fsw Semi-Sub * | Ocean Bounty | End Date | |
|---|---|---|---|
| DODI | Cold stacked at Kemaman Malaysia | ||
| 5,000 fsw Semi-Sub (15K) # | Ocean America | End Date | |
| Woodside Australia | Remy 1A | 9-Dec-10 | |
| Woodside Australia | Two (2) Year Term Contract | 536 | 28-May-12 |
| Ocean Patriot | |||
| 1,500 fsw Semi-Sub * (15k) | End Date | ||
| Esso Australia | South East Longtom-1 | 7-Dec-10 | |
| Asset Energy | One (1) well Assignment from Apache | 25 | 1-Jan-11 |
| Apache Energy Australia | Balance of Two (2) year term (demob to Darwin) | 38 | 8-Feb-11 |
| 1,500 fsw Semi-Sub * | Ocean Epoch | End Date | |
| BHPBP Australia | Macedon 7 | 17-Dec-10 | |
| Japan Energy E&P | One (1) well firm term | 30 | 16-Jan-11 |
| DODI | Five (5) Year Survey | 100 | 26-Apr-11 |
| 1,500 fsw Semi-Sub | Ocean General | End Date | |
| Idemitsu | DN-1X - One (1) well assignment from PVEP (final well in PVEP program) | 16-Dec-10 | |
| PVEP | Workover Well DH-17 | 7 | 23-Dec-10 |
| Premier Oil | Two firm wells + one option well (estimated min. duration shown) | 90 | 23-Mar-11 |
| 8,000 fsw Semi-Sub (15k) # | Ocean Rover | End Date | |
| Murphy Semai | Lengkuas 1 - Semai II Block, offshore West Papua Indonesia | 16-Mar-11 | |
| Hess Exploration Australia | One (1) well assignment from Murphy | 88 | 12-Jun-11 |
| Murphy Sabah | Balance of MALAYSIAN Two (2) Year Extension | 145 | 4-Nov-11 |
| 300 fsw Jackup | Ocean Sovereign | End Date | |
| KODECO Energy Indonesia | DW-11 | 30-Nov-10 | |
| KODECO Energy Indonesia | Anticipated End of Kodeco Contract | 8 | 30-Nov-10 |
LEGEND
Bold denotes earliest availability based on firm wells/term
Italics denotes potential. Red text denotes critical deadline
-
- denotes Australian Safety Case
- denotes Australian Safety Case under development
For a basic specification of the rigs listed above please go to http://www.diamondoffshore.com/fleet.htm or alternatively contact Richard Male or Kane Liddelow on +61 8 6363 8900.