Advent Energy Limited

Advent Energy Limited

SC - Advent Energy Limited

14 View Street
North Perth 6006

 +61 8 9328 8711

The Oilbarrel View

Advent Energy, formed in 2004, is an unlisted Australian company that has permits off the coast of New South Wales and onshore in Western Australia’s Bonaparte Basin. The Bonaparte Basin acreage straddles the Western Australia and Northern Territory border and could host risked recoverable prospective shale gas resources of over 9 TCF in the Milligan Formation shales, with further potential in the deeper shales.  There are also conventional legacy discoveries on the acreage, which although modest could offer a route to near-term production and cash flows. Offshore New South Wales, the company’s PEP11 licence is reckoned to have multi TCF prospectivity.  However this project has been on the backburner after Advent’s first well, Seaclem-1 in 2010, was drilled in a sub-optimal location when its preferred target didn’t get regulatory clearance because of the risk of unseen pockets of shallow gas. The company is now in a legal dispute with its seismic contractor about the positioning of the Seaclem well. The next steps here are further seismic ahead of drilling on its favoured target, Fish, which carries a P50 estimate of 2 TCF with a 21 per cent chance of success.