- BPH Energy (BPH) energy shares have spiked after a Geoscience Australia Report highlighted geophysical indications of gas in the Offshore Sydney Basin
- According to the NSW Continental Slope Survey Post Voyage report, the basin is said to contain natural gas features “likely to be caused by methane gas and fluid”
- BPH’s investee company Advent Energy, which holds an 85 per cent stake in a petroleum exploration permit (PEP11) within the basin, has spruiked the potential of the information
- The company affirmed the project is the closest potential new source of gas to the New South Wales gas market, with joint venture partners said to have confirmed all gas sourced from the permit would be supplied to Australia’s east coast
- The future of the project remains ambiguous however after facing a series COVID-19 induced delays and pushback from the NSW Deputy Premier
- BPH shares are up 16.4 per cent following the announcement, trading at 8.5 cents
BPH Energy (BPH) energy shares have spiked after a Geoscience Australia Report highlighted geophysical indications of gas in the Offshore Sydney Basin.
According to BPH’s unlisted investee company Advent Energy, the report confirms natural gas features in the basin and identifies a series of pockmarks -large craters typically caused by liquids and gasses escaping the seafloor.
An extract from the NSW Continental Slope Survey Post Voyage report explains these features are “likely to be caused by methane gas and fluid from the Permian coal measures escaping along the fault plane.”
Advent’s portfolio holds an 85 per cent stake in Petroleum Exploration Permit (PEP 11) for natural gas located in the Offshore Sydney Basin and as a result, has highlighted the prospective potential of this new information.
“It is noted of potential importance to the probability of success of hydrocarbon exploration in PEP11,” the company explained.
Notably, the company affirmed the PEP11 project is the closest potential new source of gas to the New South Wales gas market, with joint venture partners said to have confirmed all gas sourced from the permit will be supplied to the east coast gas market.
The future of the project remains ambiguous after facing a series of COVID-19 induced delays and pushback from the NSW Deputy Premier.
BPH shares are up 16.4 per cent following the announcement, trading at 8.5 cents at 1:10 pm AEST.