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Grandbridge Limited (ASX:GBA) - Bounty Oil PEP 11 - New Seaclem 1 Update

PEP 11 – New Seaclem 1 Update

Bounty Oil & Gas NL (“Bounty”) announces an update on preparations to drill the New Seaclem 1 exploration well in PEP 11 offshore Sydney Basin. 

The Ocean Patriot semi submersible rig has been contracted by the operator, Asset Energy Pty Limited a subsidiary of Advent Energy Limited (“Advent”) to drill New Seaclem 1. It is still anticipated that the rig will be available to commence drilling in the fourth quarter 2010.
 
Bounty and Advent provide the following additional information by way of background as to timing and availability of the Ocean Patriot and to update drilling preparations.
 
The New Seaclem 1 well location is approximately 55 kms east of Newcastle. The well will target natural gas.
 
The well will target the Great White and Marlin prospects in the Cainozoic age sedimentary sequence with a combined prospective gas resource estimate of 4.1 tcf (gas in place, P50 level), as reported by Advent Energy Limited.
 
Statutory Approvals
Advent has lodged all necessary applications for statutory approvals with the relevant government agencies and has so far received approval from National Offshore Petroleum Safety Authority for the vessel safety case as previously reported. The approval process is proceeding within the relevant statutory time limits and no major issues have been raised.

 
Rig Timing
The Ocean Patriot has been drilling for another operator at the Kipper Gas Project offshore eastern Victoria in the Bass Strait. Following completion of work at Kipper that operator will retain the rig to drill two (2) exploration wells offshore eastern Victoria, namely Yellowfin 1 and Southeast Longtom 1.
 
Based on the best information available to Bounty and Advent at the time of this ASX release it is anticipated that the two (2) wells will be completed in 50 to 60 days, i.e. by early December, 2010.
 
Bounty and Advent emphasise that the timing for completion of those wells is not within their control and timing for spud of New Seaclem 1 may vary.
 
Contractual Availability of Ocean Patriot
As previously announced to ASX, Advent has taken an assignment of the Ocean Patriot drill slot from Apache Energy Inc. to drill New Seaclem 1 and has funded that assignment. Accordingly, the drill slot for New Seaclem 1 is firm and it will be the next well on the Ocean Patriot drilling schedule following completion of Southeast Longtom 1.
 
Advent Energy Limited
The major shareholders of Advent Energy are MEC Resources Ltd (ASX:MMR), BPH Corporate Ltd (ASX:BPH), Talbot Group Investments and Grandbridge Limited (ASX:GBA).
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