Perth, Oct 18, 2011 (ABN Newswire) - BPH Energy (
ASX:BPH) provides the following advice regarding investee company Advent Energy Ltd (Advent) and its workover/production testing program at Vienta-1 and Waggon Creek-1 at its 100% owned EP386 permit in the onshore Bonaparte Basin.
Advent's major shareholders include MEC Resources (ASX:MMR), BPH Energy, Talbot Group Investments and Grandbridge (ASX:GBA).
Production testing at Vienta-1 in EP386 is currently underway. Zones being tested are between 1365m-1369m and 1411m-1421m depth.
Gas has flowed from these zones at initial rates of approximately 1.97 million standard cubic feet of gas per day (MMscf/d) and reducing to approximately 0.53 MMscf/d within an hour's flow.
Vienta-1 is currently shut in for an extended pressure build-up survey. Early indications imply a relatively tight gas interval or reservoir that has suffered some damage. Results of the pressure build-up survey and its interpretations will be reported in due course.
Advent is currently performing the production testing programme on Vienta-1. Operations will shortly expand to commence the completion at Waggon Creek-1. A production test on Waggon Creek-1 will then follow.
About MEC Resources
ASX listed MEC Resources invests into exploration companies targeting potentially large energy and mineral resources. The Company has been registered by the Australian Federal Government as a Pooled Development Fund enabling most MEC shareholders to receive tax free capital gains on their shares and tax free dividends.
About Advent Energy
Advent Energy Ltd is an unlisted oil and gas exploration company, held by major shareholders MEC Resources, BPH Energy, Grandbridge Limited and Talbot Group Investments. Advent holds a strong portfolio of exploration and near-term production assets throughout Australia. Advent's cornerstone project lies off the coast of NSW in Petroleum Exploration Permit 11 (PEP11), and comprises gas prospects of multi-Tcf capacity where Advent holds 85% of PEP11 with Joint Venture partner Bounty Oil and Gas (ASX:BUY) holding 15%.
ASX:BPH) provides the following advice regarding investee company Advent Energy Ltd (Advent) and its workover/production testing program at Vienta-1 and Waggon Creek-1 at its 100% owned EP386 permit in the onshore Bonaparte Basin.Advent's major shareholders include MEC Resources (
ASX:MMR), BPH Energy, Talbot Group Investments and Grandbridge (ASX:GBA).Production testing at Vienta-1 in EP386 is currently underway. Zones being tested are between 1365m-1369m and 1411m-1421m depth.
Gas has flowed from these zones at initial rates of approximately 1.97 million standard cubic feet of gas per day (MMscf/d) and reducing to approximately 0.53 MMscf/d within an hour's flow.
Vienta-1 is currently shut in for an extended pressure build-up survey. Early indications imply a relatively tight gas interval or reservoir that has suffered some damage. Results of the pressure build-up survey and its interpretations will be reported in due course.
Advent is currently performing the production testing programme on Vienta-1. Operations will shortly expand to commence the completion at Waggon Creek-1. A production test on Waggon Creek-1 will then follow.
About MEC Resources
ASX listed MEC Resources invests into exploration companies targeting potentially large energy and mineral resources. The Company has been registered by the Australian Federal Government as a Pooled Development Fund enabling most MEC shareholders to receive tax free capital gains on their shares and tax free dividends.
About Advent Energy
Advent Energy Ltd is an unlisted oil and gas exploration company, held by major shareholders MEC Resources, BPH Energy, Grandbridge Limited and Talbot Group Investments. Advent holds a strong portfolio of exploration and near-term production assets throughout Australia. Advent's cornerstone project lies off the coast of NSW in Petroleum Exploration Permit 11 (PEP11), and comprises gas prospects of multi-Tcf capacity where Advent holds 85% of PEP11 with Joint Venture partner Bounty Oil and Gas (
ASX:BUY) holding 15%.| Tweet |
About BPH Energy Limited
BPH Energy Limited (ASX:BPH), (previously BioPharmica Limited), 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.
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