PEP 150 & PEP 151 - Exploration Permits
(15% & 25% Interest)
Bridgeport holds non-operated interest in two onshore Otway Basin permits, PEP 150 and PEP 151. PEP 150 is a large exploration permit (3,253 km²) located near the town of Portland in Victoria. The permit is under application pending an access agreement with the traditional landholders.
The accompanying map shows a large number of exploration leads have been identified. There are at least three different play types involving reservoir units from which oil and/or gas production has been achieved in the Otway Basin. Once the permit is granted, the first phase of technical work will involve the formulation of an exploration program involving seismic acquisition and ultimately, the drilling of wells.
Despite the early stage in the permit’s exploration cycle, substantial resource potential has already been identified in PEP 150. Recoverable gas potential totals approximately 150 Bcf in a total of 9 structural closures and the recoverable oil potential in another 6 conventional petroleum leads is estimated to total 20 MMbo. Bridgeport holds 25% interest in exploration permit PEP 151. The joint venture has requested an extension to the permit that, if approved by the Victorian Government, will run until April 2015.
PEP 151, which covers an area of 864 km², is located immediately west of PEP 150 (see location map). The two permits share many of the same petroleum play types and have a similar scale of resource potential. Work to date includes seismic reprocessing, interpretation and mapping, which confirmed the existence of two drilling prospects (including Arkarua) in the northeast region of the permit. Further seismic acquisition is being considered to mature the prospects for drilling consideration.
A permit-wide assessment of resource potential resulted in 12 MMbo of recoverable oil (3 MMbo net to Bridgeport) being estimated in the most-likely case.
Otway Prospects & Leads Location Map
(click map to enlarge)
