Bight Petroleum Corp is seeking a strategic partner to join exploration activities in the exploration permits EPP 41 and EPP 42, located in the Eastern Bight Basin. Bight Petroleum is offering significant equity and strategic entry into these permits, which have planned 3D seismic acquisition and future drilling, in return for a carry of the future activity.Â  The potential partner would assist with funding the 3D seismic, planned for Q4 2019. PGS will conduct the Duntroon 3D survey to de-risk the prospectivity and mature drill ready prospects.  Bight opened a dataroom for the farm-out in Q2 2019, with hopes to finalise an agreement in 2H 2019.Â  The farminee would carry Bight Petroleum on the planned seismic with a follow up well option.  The Duntroon seismic is planned to be carried out across both permits, with 2,820 sq km to be acquired.Â  It would be designed to acquire more data over the Price Prospect as well as define drillable targets.Â  Mapping and derisking of the prospects is then planned for late 2020.  The Price Main Prospect is the largest prospect within EPPÂ 41 and is estimated to contain potential in-place resources of 8 Bb, with significant multi-million barrel recoverable resource potential, across a 74 sq km closure.Â  It is a three-way closed trap against a bounding fault with potentially five sandstone units within the intra-Waigunda section.Â  The Upper Tiger and Hammerhead deltaic sequences have been outlined as primary targets, which are reported to be similar to those at Stromlo, a well being drilled to the west, within the Bight Basin. There is also the potential for stratigraphic trapping. The prospect is located in water depths of 1,900 m.  Remapping conducted by Bight Petroleum, using depth conversion, 3D seismic interpretation and reprocessing has resulted in 14 explorations targets being identified on 2D seismic data, with Price the largest. It is estimated that there are around 43 Bb in place, with an estimated potential recovery of around 9 Bb of oil. Bight has reported that the 3D seismic would be aimed to de-risk the play and define drillable targets within the permits. Bight reports that the current 2D seismic data available provides poor resolution for mapping the reservoir sequences but they do appear thickly developed with minimal faulting.  The permits cover a total area of around 8,500 sq km, located around 50 km south of the Eyre Peninsula in around 1,100 to 2,200 m water depth. Both permits were awarded in July 2011, for an initial period of six years. After work suspensions relating to the first terms, the permits will now expire on, or be eligible for renewal by, 7 July 2024.  Bight Petroleum has contracted RISC as its executive advisor in the farm-out.  Companies interested in pursuing this opportunity should contact:  Jens Biertumpel, CEO    Tel: +41 78 810 4323    Email: jens@bightpetroleum.com    Â Lawrence Bernstein, Exploration VP, COO  Tel: +1 403 354 2492    Email: lbernstein@bightpetroleum.com    Bight Petroleum has also contracted RISC Advisory to assist in the farm-out process, so additional contact can be made via:  Robbie Harrison, Director A&D    Email: Robert.harrison@riscadvisory.comÂ Â Â Â Â Â Â Â  Tel: +61 8 9420 6648    Dan Calder, Director A&D    Email: dan.calder@riscadvisory.comÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â  Tel: +61 8 9420 666
Bight Petroleum Corp is seeking a strategic partner to join exploration activities in the exploration permits EPP 41 and EPP 42, located in the Eastern Bight Basin.