ATP 560P - Exploration Permit (avg. 90% Interest)
ATP 560P is a lightly explored permit covering 904 km² of prime petroleum acreage on the eastern edge of the Cooper-Eromanga sedimentary basin. Of the 7 wells drilled within the permit boundaries, most were drilled in the decades prior to the 1990s when the seismic coverage and control was insufficient to accurately site exploration wells. Despite the poor exploration dataset on which these wells were located, numerous oil and gas shows have been recorded in the permit area. The occurrence of numerous oil fields in the region of ATP 560P attests to the excellent hydrocarbon-prone character of Bridgeport's acreage.
The Company completed a 60 line km 2D seismic survey in December 2010 and the processed data is being used to define additional prospects and leads. This work will form the basis of a comprehensive review of the petroleum prospectivity of the permit and surrounding area by the Bridgeport technical team. These studies will culminate with the preparation of a portfolio of hydrocarbon leads and prospects for future drilling consideration.
A coal seam gas (CSG) resource has been identified within ATP 560P and in PL 214. The resource potential for the area is in excess of 400 Bcf of recoverable gas (over 300 Bcf net to Bridgeport), with a majority residing in the permit area. Since this resource potential has been identified, the last 4 conventional wells drilled in the permits have carefully recorded coal content intersected within the Winton coal measures. The company now considers this resource to be worth further detailed evaluation. A future CSG well, with detailed coring and logging programs followed by gas content and permeability testing, will allow a refinement of the volumetric estimate of the CSG potential of the two asset areas.
ATP 560P & PL 214 Location Map
The Ubute-1 exploration well was drilled during November 2010. The well intersected good quality reservoir sand at several levels, but after no commercial hydrocarbons were encountered, the well was plugged and abandoned as a dry hole. The Ubute-1 well and the seismic acquired fulfilled the work commitment to the Queensland Government and the permit is in good standing.
The previous term of ATP 560P expired on 30 November 2010. A renewal application is lodged with the Queensland Government to renew the permit with an exploration program of 100 line km of 2D seismic acquisition and the drilling of two exploration wells by 2013. As part of the renewal process 33.3% of the licence was nominated for relinquishment.
The location map shows the permit area after the relinquishment. Government approval of Bridgeport's renewal application is expected shortly.
(click map to enlarge)
Bridgeport Energy (Qld) Pty Ltd (BQ) is registered with the QDME as 100% title on the ATP 560P permit with a small portion of the block known as the U11 Block (ATP 560P-UE) being held at a 2.5% working interest.
In addition, there are 28 contiguous sub blocks (called ATP 560P-U) juxtaposed to the northern and eastern borders of PL 214. In this block, OWK and Bounty maintain a 60%-40% relevant working interest. On this basis, the average working interest in the entire ATP 560P permit area is 90%.
