- BPH Energy's (BPH) investee company has put out a tender for drilling rig services at the Baleen-1 exploration well off the NSW coast, while still awaiting regulatory approvals
- Advent Energy plans to drill the well in 125 metres of water and has extended the tender to drilling contractors with semi-submersible drilling units
- Drilling is subject to regulatory approvals and, once gained, the company expects work will take 40 days to reach total depth
- The two objectives of the well are to target gas and evaluate for carbon capture storage which is subject to funding
- BPH shares last traded 2.3 per cent higher at 8.8 cents
BPH Energy's (BPH) investee company has put out a tender for drilling rig services at the Baleen-1 exploration well at its PEP11 prospect off the NSW coast, while awaiting regulatory approvals.
Advent Energy is an unlisted oil and gas exploration company with an 85 per cent interest in PEP11.
The company is planning to drill the Baleen-1 well, subject to regulatory approvals, in 125 metres of water approximately 26 kilometres offshore and around 30 kilometres south-southwest of the City of Newcastle.
In a statement, the company said the latest call for the provision of drilling rigs has been issued to drilling contractors with semi-submersible drilling units in the region.
Today's tender announcement follows the company's call last week to secure tenders for subsea wellhead equipment, materials and associated services for the drilling program despite permit approvals pending.
The well has been designed to target gas and evaluate carbon capture storage which is subject to funding.
If regulatory approvals are granted, the company expects drilling to take 40 days to reach total depth.
Following this and once fully evaluated, Advent Energy said the well will be plugged and abandoned in line with pre-drill planning as an exploration well, and the well head and associated equipment is to be removed from the seabed.
BPH shares last traded 2.3 per cent higher at 8.8 cents.