Perth, Australia, Sep 7, 2021 - (ABN Newswire) - BPH Energy Limited (ASX:BPH) is pleased to advise that a Letter of Intent has been issued by Advent Energy, through its' subsidiary Asset Energy, to Aztech Well Construction Services Pty Ltd (Aztech) for the provision of Drilling Project Management services for the upcoming Seablue-1 exploration well.
The well is planned to be drilled in 125m of water approximately 26km offshore and 30km SSE of the City of Newcastle. The drilling of the well is subject to regulatory approvals and is expected to take around 40 days to reach total depth.
The well has two objectives; (i) a gas target and (ii) evaluation for Carbon Capture Storage, subject to funding.
When the well has reached Total Depth and has been fully evaluated, it will be plugged and abandoned as per regulatory requirements, in line with pre-drill planning as an exploration well, the well head and associated equipment will be removed from the seabed.
PEP11 interests are: Advent Energy Ltd 85 % Bounty Oil and Gas NL (ASX:BUY) 15%
<b>About BPH Energy Limited:</b>
BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.
The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.
BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.
BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).
David [email protected]: +61 8 9328 8366
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