Farm out Opportunity

The Bight Basin – Australia’s Next Giant Hydrocarbon Province.

Australia’s Multi-Billion Barrel Prize

The Great Australian Bight is a vast unexplored petroleum basin along the south coast of Australia with industry-recognized potential for giant-sized fields. It may be one of the last undiscovered hydrocarbon provinces in the world with the potential for global impact.

Bight Petroleum offers a singular, low cost opportunity for an equity or joint venture partner to actively participate in this world-class exploration play, one soon to be unlocked by global explorers such as Equinor, Santos and Murphy. The industry’s focus is a Late Cretaceous delta system similar in scale to the Mississippi and Niger deltas, with proven mature source rock, reservoirs, seals and structures. Bight Petroleum has a large and critical piece of this exciting play, which includes the world-class Price Main Prospect.

With proper regulatory oversight, South Australia can have a safe, sustainable and successful offshore petroleum industry that has been evidenced in western and northern regions of Australia for many decades. Bight Petroleum is keen to be part of this and is committed to environmental protection and sustainability whilst supporting active exploration activity that will attract investment, create employment and deliver new revenues.

Bight Petroleum operates permits EPP 41 and 42 with 100% equity, which cover over 8,500 sq km or 2.1 million acres.

 

2018 highlights

Bight Petroleum licensed approximately 1000-kms of reprocessed PSTM 2D data in April 2018 and has integrated these data into a new interpretation over Price Prospect and surrounding areas, including gas leads within shallow water close to onshore services and facilities.

The revised mapping confirms the presence of the Price Main Prospect as a strong 3-way dip closed prospect against a major basin margin fault system. The Price Main Prospect exhibits a Class III AVO anomaly within the Hammerhead Supersequence (Upper Cretaceous), which is supported by work done by independent consultants, and suggests the DHI could be supportive of trapped hydrocarbons.

 

Prospective Overview

• Acreage includes both shallow and deep water prospectivity close to shore and within easy reach on South Australia’s energy infrastructure.
• Within EPP 41 alone, Bight Petroleum has identified a 8.3 BB bbls oil unrisked prospective resources (Pmean) in deep water (~1900m) that is currently mapped on legacy 2D seismic data.
• Price Main Prospect is a robust 3-way closed structure and has 3.6 BB bbls of unrisked prospective resources (Pmean). On a BOE basis, this equates to 20.2 TCF gas.
• There is also the potential shallow water oil and gas prospectivity within 70 km of the Port Lincoln coastline

 

Farm-out Opportunity

Bight Petroleum seeks Joint Venture partner(s) to participate in a MC3D seismic program scheduled over the acquisition window between 1 September and 30 November 2019/2020. The 2850 sq. km 3D program will be acquired by  PGS Australia Pty Ltd. who have recently received an acceptance from NOPSEMA on the Duntroon MC3D and MC2D Environment Plan.

The state-of-the-art 3D will allow further prospectivity assessment to be undertaken, and will provide a risked inventory of drillable target locations over both permits.