BPH’s Baleen program commences with issue of rig tender

1 minute read

By Trevor Hoey. Published at Jun 9, 2021, in Energy

BPH Energy Limited's (ASX:BPH) investee company Advent Energy Ltd has issued a Call for Tender for the provision of drilling rig services for the Baleen-1 exploration well.

The tender has been issued to multiple drilling contractors who have semi-submersible drilling units in the region.

Advent Energy is an unlisted oil and gas exploration company held by major shareholders BPH Energy (ASX:BPH), Grandbridge and MEC Resources (ASX: MMR)

This news coincides with the US traded crude oil price closing above US$70 for the first time since 2018.

West Texas Intermediate futures, the U.S. benchmark, settled up 1.2% to $70.05, the highest close since 16 October 2018.

Brent crude futures also traded strongly, finishing 1% higher at $72.22 per barrel.

As indicated below, the Baleen-1 well is planned to be drilled in 125 metres of water approximately 26 kilometres offshore and approximately 30 kilometres south-south-west of Newcastle.

The drilling of the well is subject to regulatory approvals and is expected to take around 40 days to reach total depth.

Subject to funding, the objective of the Baleen-1 well is to identify a gas target, as well as evaluating Carbon Capture Storage, subject to funding.

When the well has reached total depth and been fully evaluated, it will be plugged and abandoned in line with pre-drill planning as an exploration well.

View Our Investment Portfolios

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!