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BPH ENERGY LTD — Capital/Financing Update 2012
Sep 11, 2012
64555_rns_2012-09-11_87e620cf-eb18-4e1c-b87e-24df3952d9b5.pdf
Capital/Financing Update
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12 September 2012
Companies Announcement Office Australian Securities Exchange Limited 10th Floor, 20 Bond Street SYDNEY NSW 2000
ADVENT ENERGY – EP386 PRODUCTION TESTING
MEC Resources Limited (ASX:MMR) investee company Advent Energy Ltd (“Advent”) is pleased to advise that mobilisation of equipment and personnel has commenced for its continued production testing of Waggon Creek-1 in Exploration Permit 386 (“EP386”) in the onshore Bonaparte Basin, northern Western Australia.
Advent’s 100% interests in EP386 and Retention Licence 1 are held by wholly owned subsidiary Onshore Energy Pty Ltd. Advent’s major shareholders remain MEC Resources (ASX: MMR), BPH Energy (ASX: BPH), Talbot Group and Grandbridge (ASX: GBA).
During Advent’s 2011 field operations, the completion and flow test program of Waggon Creek-1 was prematurely suspended due to the northern wet season. The well was completed with perforations over intervals 384.1-390.1m and 393.1-395.1m in the Milligans Formation sandstone reservoirs. During the short flow test achieved in 2011 from Waggon Creek-1, the well flowed gas at a stabilised rate of approximately 1.07 million standard cubic feet of gas per day (MMscf/d). Both Waggon Creek-1 and Vienta-1 were suspended in 2011 for future potential production and/or further investigative operations.
Production testing of Waggon Creek-1 is now set to recommence within a week. The program is likely to take approximately five weeks.
USGS BONAPARTE BASIN ANALYSIS
Further to the recent announcement regarding the updated resources assessment in EP386 totalling 556 Bcf mean prospective recoverable resources (4 September 2012), Advent has also observed that the United States Geological Survey (USGS) has previously analysed the Bonaparte Basin for its contained hydrocarbon potential. As part of its world petroleum assessment, the USGS report demonstrates a mean assessment of 56 million barrels of oil and 460 billion cubic feet of gas in undiscovered resources in the onshore Bonaparte Basin. A copy of the USGS assessment results summary is provided overleaf.
Yours sincerely,
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David Breeze Executive Director MEC Resources Ltd PO Box 317 North Perth WA 6906 Tel: +61 8 9328 8477
About MEC Resources
ASX listed MEC Resources (ASX: MMR) invests into exploration companies targeting potentially large energy and mineral resources. The Company has been registered by the Australian Federal Government as a Pooled Development Fund enabling most MEC shareholders to receive tax free capital gains on their shares and tax free dividends.
About Advent Energy
Advent Energy Ltd is an unlisted oil and gas exploration company held by major shareholders MEC Resources (ASX: MMR), BPH Energy (ASX: BPH), Grandbridge (ASX: GBA) and Talbot Group Investments. Advent holds a strong portfolio of near term development and exploration assets spanning highly prospective acreage onshore and offshore Australia in proven petroleum basins. Advent Energy’s asset base also incorporates both conventional and unconventional petroleum targets.
Notes: In accordance with ASX listing requirements, the geological information supplied in this report has been based on information provided by geologists who have had in excess of five years experience in their field of activity.
MEC is an exploration investment company and relies on the resource and ore reserve statements compiled by the companies in which it invests. All Mineral Resource and Reserve Statements have been previously published by the companies concerned. Summary data has been used. Unless otherwise stated all resource and reserve reporting complies with the relevant standards. Resources quoted in this report equal 100% of the resource and do not represent MEC’s investees’ equity share.
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MEC Resources Ltd
ACN 113 900 020 PO Box 317, North Perth, WA 6906 14 View Street, North Perth 6006, Western Australia T: +61 8 9328 8477 F: +61 8 9328 8733 [email protected] www.mecresources.com.au
Go to Go to index map Table of Bonaparte Gulf Basin Contents Geologic Province 3910
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Province Assessment Output Summary
Undiscovered Field Size Distributions
Total Petroleum Systems
Milligans-Carboniferous/Permian Total Petroleum System 391001
Keyling/Hyland Bay-Permian Total Petroleum System 391002
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System 391003
Milligans-Carboniferous/Permian Total Petroleum System 391001 Keyling/Hyland Bay-Permian Total Petroleum System 391002 Jurassic/Early Cretaceous-Mesozoic Total Petroleum System 391003 Bonaparte Gulf Basin Geologic Province 3910
U.S. GEOLOGICAL SURVEY WORLD PETROLEUM ASSESSMENT 2000— DESCRIPTION AND RESULTS U.S. Geological Survey World Energy Assessment Team
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Bonaparte Gulf Basin, Province 3910 Assessment Results Summary - Allocated Resources
[MMBO, million barrels of oil. BCFG, billion cubic feet of gas. MMBNGL, million barrels of natural gas liquids. MFS, minimum field size assessed (MMBO or BCFG). Prob., probability (including both geologic and accessibility probabilities) of at least one field equal to or greater than the MFS. Results shown are fully risked estimates. For gas fields, all liquids are included under the NGL (natural gas liquids) category. F95 represents a 95 percent chance of at least the amount tabulated. Other fractiles are defined similarly. Fractiles are additive under the assumption of perfect positive correlation. Shading indicates not applicable]
| Code and Field Type |
MFS | Prob. (0-1) |
Undiscovered Resources | Undiscovered Resources | Undiscovered Resources | Undiscovered Resources | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Oil (MMBO) F95 F50 F5 Mean |
F95 F50 F5 Mean Gas (BCFG) |
F95 F50 F5 Mean NGL (MMBNGL) |
||||||||||||
| 3910 Oil Fields Gas Fields Total |
Total: Assessed onshore portions of Bonaparte Gulf Basin Province | |||||||||||||
| 1.00 | 18 | 51 | 110 | 56 | 37 109 |
109 308 |
257 662 |
123 337 |
2 4 |
6 13 |
16 31 |
7 15 |
||
| 1.00 | 18 | 51 | 110 | 56 | 145 | 417 | 919 | 460 | 6 | 20 | 47 | 22 |
| 3910 Oil Fields Gas Fields Total 3910 Oil Fields Gas Fields Total |
Total: Assessed offshore portions of Bonaparte Gulf Basin Province | Total: Assessed offshore portions of Bonaparte Gulf Basin Province | Total: Assessed offshore portions of Bonaparte Gulf Basin Province | Total: Assessed offshore portions of Bonaparte Gulf Basin Province | Total: Assessed offshore portions of Bonaparte Gulf Basin Province | Total: Assessed offshore portions of Bonaparte Gulf Basin Province | Total: Assessed offshore portions of Bonaparte Gulf Basin Province | Total: Assessed offshore portions of Bonaparte Gulf Basin Province | Total: Assessed offshore portions of Bonaparte Gulf Basin Province | Total: Assessed offshore portions of Bonaparte Gulf Basin Province | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 365 | 1,111 | 2,495 | 1,230 | 741 4,822 |
2,376 18,229 |
5,841 42,733 |
2,711 20,321 |
42 197 |
139 781 |
364 1,983 |
163 895 |
||
| 1.00 | 365 | 1,111 | 2,495 | 1,230 | 5,563 | 20,605 | 48,574 | 23,032 | 238 | 920 | 2,347 | 1,057 | ||
| Grand Total: Assessed portions of Bonaparte Gulf | Basin Province | |||||||||||||
| 1.00 | 383 | 1,162 | 2,605 | 1,286 | 778 4,930 |
2,485 18,537 |
6,098 43,395 |
2,834 20,658 |
44 201 |
145 794 |
380 2,014 |
170 910 |
||
| 1.00 | 383 | 1,162 | 2,605 | 1,286 | 5,708 | 21,022 | 49,493 | 23,492 | 245 | 939 | 2,395 | 1,080 |
Page 1
U.S. GEOLOGICAL SURVEY WORLD PETROLEUM ASSESSMENT 2000— DESCRIPTION AND RESULTS U.S. Geological Survey World Energy Assessment Team
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Bonaparte Gulf Basin, Province 3910 Assessment Results Summary - Allocated Resources
[MMBO, million barrels of oil. BCFG, billion cubic feet of gas. MMBNGL, million barrels of natural gas liquids. MFS, minimum field size assessed (MMBO or BCFG). Prob., probability (including both geologic and accessibility probabilities) of at least one field equal to or greater than the MFS. Results shown are fully risked estimates. For gas fields, all liquids are included under the NGL (natural gas liquids) category. F95 represents a 95 percent chance of at least the amount tabulated. Other fractiles are defined similarly. Fractiles are additive under the assumption of perfect positive correlation. Shading indicates not applicable]
| Code and Field Type |
MFS | Prob. (0-1) |
Undiscovered Resources | Undiscovered Resources | Undiscovered Resources | Undiscovered Resources | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Oil (MMBO) F95 F50 F5 Mean |
F95 F50 F5 Mean Gas (BCFG) |
F95 F50 F5 Mean NGL (MMBNGL) |
||||||||||||
| 391001 39100101 Oil Fields Gas Fields Total 39100101 Oil Fields Gas Fields Total |
Milligans-Carboniferous/Permian Total Petroleum System Barnett Assessment Unit(40% of undiscovered oil fields and |
40% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | ||||||||||||
| 3 18 |
1.00 | 18 | 51 | 110 | 56 | 37 109 |
109 308 |
257 662 |
123 337 |
2 4 |
6 13 |
16 31 |
7 15 |
|
| 1.00 | 18 | 51 | 110 | 56 | 145 | 417 | 919 | 460 | 6 | 20 | 47 | 22 | ||
| Barnett Assessment Unit(60% of undiscovered oil fields and | 60% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) | |||||||||||||
| 3 18 |
1.00 | 27 | 77 | 165 | 84 | 55 163 |
163 462 |
385 993 |
185 506 |
3 7 |
10 20 |
24 46 |
11 22 |
|
| 1.00 | 27 | 77 | 165 | 84 | 218 | 626 | 1,379 | 691 | 10 | 29 | 71 | 33 |
| 391002 39100201 Oil Fields Gas Fields Total |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
Keyling/Hyland Bay-Permian Total Petroleum System Petrel Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 60 |
1.00 | 0 | 0 | 0 | 0 | 0 2,284 |
0 7,671 |
0 16,498 |
0 8,328 |
0 93 |
0 328 |
0 770 |
0 367 |
|
| 1.00 | 0 | 0 | 0 | 0 | 2,284 | 7,671 | 16,498 | 8,328 | 93 | 328 | 770 | 367 |
| 39100202 Oil Fields Gas Fields Total |
Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) | Vulcan Graben Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to ONSHOREprovince 3910) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 60 |
0.90 | 0 | 0 | 0 | 0 | 0 0 |
0 2,254 |
0 6,742 |
0 2,668 |
0 0 |
0 96 |
0 309 |
0 117 |
|
| 0.90 | 0 | 0 | 0 | 0 | 0 | 2,254 | 6,742 | 2,668 | 0 | 96 | 309 | 117 |
Page 2
U.S. GEOLOGICAL SURVEY WORLD PETROLEUM ASSESSMENT 2000— DESCRIPTION AND RESULTS U.S. Geological Survey World Energy Assessment Team
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Bonaparte Gulf Basin, Province 3910 Assessment Results Summary - Allocated Resources
[MMBO, million barrels of oil. BCFG, billion cubic feet of gas. MMBNGL, million barrels of natural gas liquids. MFS, minimum field size assessed (MMBO or BCFG). Prob., probability (including both geologic and accessibility probabilities) of at least one field equal to or greater than the MFS. Results shown are fully risked estimates. For gas fields, all liquids are included under the NGL (natural gas liquids) category. F95 represents a 95 percent chance of at least the amount tabulated. Other fractiles are defined similarly. Fractiles are additive under the assumption of perfect positive correlation. Shading indicates not applicable]
| Code and Field Type |
MFS | Prob. (0-1) |
Undiscovered Resources | ||
|---|---|---|---|---|---|
| Oil (MMBO) F95 F50 F5 Mean |
F95 F50 F5 Mean Gas (BCFG) |
F95 F50 F5 Mean NGL (MMBNGL) |
| 91003 Jurassic/Early Cretaceous-Mesozoic Total Petroleum System 9100301 Oil Fields 10 337 1,034 2,330 1,146 686 2,213 5,456 2,527 38 129 340 152 Gas Fields 60 2,375 7,842 18,500 8,819 97 336 858 389 Total 1.00 337 1,034 2,330 1,146 3,061 10,055 23,956 11,346 135 466 1,198 540 1.00 Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
Jurassic/Early Cretaceous-Mesozoic Total Petroleum System Malita Assessment Unit(100% of undiscovered oil fields and 100% of undiscoveredgas fields allocated to OFFSHOREprovince 3910) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 60 |
1.00 | 337 | 1,034 | 2,330 | 1,146 | 686 2,375 |
2,213 7,842 |
5,456 18,500 |
2,527 8,819 |
38 97 |
129 336 |
340 858 |
152 389 |
|
| 1.00 | 337 | 1,034 | 2,330 | 1,146 | 3,061 | 10,055 | 23,956 | 11,346 | 135 | 466 | 1,198 | 540 |
Page 3
U.S. GEOLOGICAL SURVEY WORLD PETROLEUM ASSESSMENT 2000— DESCRIPTION AND RESULTS U.S. Geological Survey World Energy Assessment Team
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| 0 2 4 6 8 10 12 UNDISCOVERED OIL FIELDS (No.) |
Bonaparte Gulf Basin, Province 3910 Undiscovered Field-Size Distribution 2-<4 4-<8 8-<16 16-<32 32-<64 64-<128 128-<256 256-<512 512- <1024 1024- <2048 OIL-FIELD SIZE (MMBO) Minimum field size: 3 MMBO Mean number of undiscovered fields: 33 |
|---|---|
U.S. GEOLOGICAL SURVEY WORLD PETROLEUM ASSESSMENT 2000— DESCRIPTION AND RESULTS U.S. Geological Survey World Energy Assessment Team
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Bonaparte Gulf Basin, Province 3910 Undiscovered Field-Size Distribution
| Bonaparte Gulf Basin, Province 3910 Undiscovered Field-Size Distribution |
||
|---|---|---|
| 0 2 4 6 8 10 12 14 16 18 20 UNDISCOVERED GAS FIELDS (No.) |
||
| Minimum field size: 18 BCFG Mean number of ~~undiscovered fields: 61~~ |
||
| 12-<24 24-<48 48-<96 96-<192 192-<384 384-<768 768- <1536 1536- <3072 3072- <6144 6144- <12288 GAS-FIELD SIZE (BCFG) |
U.S. GEOLOGICAL SURVEY WORLD PETROLEUM ASSESSMENT 2000— DESCRIPTION AND RESULTS U.S. Geological Survey World Energy Assessment Team