03 November 2003
Electro Silica Plc will farm a further 50% of Bounty Oil & Gas NL interest in PEP 11, an offshore Sidney Basin permit, in return for funding the costs of drilling and exploration.
This agreement widens Electro Silica’s engagement in the exploitation of this unexplored basin, after having committed to fund a 1500 km 2D seismic program in PEP 11 to earn a 25% interest. The seismic is scheduled for the first quarter of 2004, the drilling tentatively for late in 2004. The funding lets Electro Silica earn an aggregate 75%.
Pep 11 has large high potential but totally undrilled offshore play. Oil and Gas in wells onshore define an hydrocarbon system expected to improve offshore, particularly associated within Permian Paleo-Delta.
‘Streaming Slicks’ from Landsat evidence active petroleum system. New independent Landsat analysis (April 2002) reveals streaming slicks clustered over Baleen South prospect, with a Potential for 1.2 Tcf gas rec. 6 other prospects identified with total probable reserve potential of 2+ Tcf.
Adjacent to prime Sydney Gas market & infrastructure. Existing pipeline onshore less than 30kms from basin access to adjacent to the heavily populated and industrialised central coast of New South Wales (5 million customers). Economics confirm threshold 200 Bcf reserves could be economic. 1+ Tcf reserve could generate an NPV @10% in excess of US$ 450+ million and 86% ROR.
Full report is downloadable at http://www.electrosilicaoilandgas.com/australiaproject.php
or visit www.bountyoil.com.
Covered by the 200 kilometre long, 8,267 km2 permit PEP 11, the Offshore Basin is a significant under-explored exploration area, despite the numerous wells drilled in the adjacent onshore Sydney Basin, with gas flow or encountering of oil shows. The proximity to high-populated areas and low risk Seismic Option entry terms further makes this a very attractive exploration opportunity. The lasting uncertainty over gas supplies from Timor Sea and Papua New Guinea makes the securing of a large local gas supply for strategic and high-profitable. Local government expects power demand should increase by 25% by 2010.
Electro Silica and Bounty have identified a large target located in the northern sector in an average of 125 metres of water. Bounty has completed reprocessing of seismic and aeromagnetic data to mature the mapping in the area; the confirmation of the presence of apparent hydrocarbon seeps enhances the prospectivity of the sector. The total depth of a well to test this prospect would be approximately 1,500 metres. PEP 11 could contain cumulative reserves in excess of 3 Tcf of gas or several billion barrels of oil recoverable.
This agreement is an important step in the strategy of both societies: it shall consolidate in other projects, such as Mongolia, Asia and Oceania.
Electro Silica Oil Gas Ltd is an English exploration company with large interest in the oil field in Mongolia, Oman and Oceania. Bounty Oil & Gas NL is an Australian company pursuing oil and gas exploration and production opportunities in Australia and New Zealand, listed on the Australian Stock Exchange with the ASX code - "BUY".
-Ends-
For information, contact:
Frank Fucilla
Electro Silica Ltd.,
Airport House,
Purley way,
Croydon,
Surrey,
CRO OXZ,
UK.
Voice +44(0)2086680609 or
+44(0)7762930317
Email: newsroom@electrosilica.com
Web: www.electrosilicaoilandgas.com
Electro Silica Plc will farm a further 50% of Bounty Oil & Gas NL interest in PEP 11, an offshore Sidney Basin permit, in return for funding the costs of drilling and exploration.
This agreement widens Electro Silica’s engagement in the exploitation of this unexplored basin, after having committed to fund a 1500 km 2D seismic program in PEP 11 to earn a 25% interest. The seismic is scheduled for the first quarter of 2004, the drilling tentatively for late in 2004. The funding lets Electro Silica earn an aggregate 75%.
Pep 11 has large high potential but totally undrilled offshore play. Oil and Gas in wells onshore define an hydrocarbon system expected to improve offshore, particularly associated within Permian Paleo-Delta.
‘Streaming Slicks’ from Landsat evidence active petroleum system. New independent Landsat analysis (April 2002) reveals streaming slicks clustered over Baleen South prospect, with a Potential for 1.2 Tcf gas rec. 6 other prospects identified with total probable reserve potential of 2+ Tcf.
Adjacent to prime Sydney Gas market & infrastructure. Existing pipeline onshore less than 30kms from basin access to adjacent to the heavily populated and industrialised central coast of New South Wales (5 million customers). Economics confirm threshold 200 Bcf reserves could be economic. 1+ Tcf reserve could generate an NPV @10% in excess of US$ 450+ million and 86% ROR.
Full report is downloadable at http://www.electrosilicaoilandgas.com/australiaproject.php
or visit www.bountyoil.com.
Covered by the 200 kilometre long, 8,267 km2 permit PEP 11, the Offshore Basin is a significant under-explored exploration area, despite the numerous wells drilled in the adjacent onshore Sydney Basin, with gas flow or encountering of oil shows. The proximity to high-populated areas and low risk Seismic Option entry terms further makes this a very attractive exploration opportunity. The lasting uncertainty over gas supplies from Timor Sea and Papua New Guinea makes the securing of a large local gas supply for strategic and high-profitable. Local government expects power demand should increase by 25% by 2010.
Electro Silica and Bounty have identified a large target located in the northern sector in an average of 125 metres of water. Bounty has completed reprocessing of seismic and aeromagnetic data to mature the mapping in the area; the confirmation of the presence of apparent hydrocarbon seeps enhances the prospectivity of the sector. The total depth of a well to test this prospect would be approximately 1,500 metres. PEP 11 could contain cumulative reserves in excess of 3 Tcf of gas or several billion barrels of oil recoverable.
This agreement is an important step in the strategy of both societies: it shall consolidate in other projects, such as Mongolia, Asia and Oceania.
Electro Silica Oil Gas Ltd is an English exploration company with large interest in the oil field in Mongolia, Oman and Oceania. Bounty Oil & Gas NL is an Australian company pursuing oil and gas exploration and production opportunities in Australia and New Zealand, listed on the Australian Stock Exchange with the ASX code - "BUY".
-Ends-
For information, contact:
Frank Fucilla
Electro Silica Ltd.,
Airport House,
Purley way,
Croydon,
Surrey,
CRO OXZ,
UK.
Voice +44(0)2086680609 or
+44(0)7762930317
Email: newsroom@electrosilica.com
Web: www.electrosilicaoilandgas.com
© Press Release 2003
