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 3,000Â sqÂ km 3D seismic, planned for Q4 2019. Bight Petroleum plans for PGS to acquire the seismic to de-risk the prospectivity and mature drill ready prospects.  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 2020 (EPP 41) and 7 July 2021 (EPP 42).  On 13 September 2018 Bight Petroleum was granted approval to extend the work commitment terms and validity of both permits. This is one of several commitment changes the permits have been granted.Â  In EPP 41 term one, which contains an exploration well, must now be completed by July 2019.Â  The subsequent commitment terms, and validity of the permit, have also been pushed back by 12 months.Â  In EPP 42, the commitments periods and validity have been also extended by 12 months. The first well in this permit is not scheduled until year six. Â   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. It is estimated that there are around 43 Bb in place, with an estimated potential recovery of around 9 Bb of oil. The Price Prospect is the largest prospect within EPPÂ 41 and is estimated to contain potential resources of 4.2 Bb 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. 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.  In return for funding of the 3D seismic program and future exploration drilling in year one and three respectively, Bight Petroleum is offering interested parties the opportunity to gain significant working equity and additional entry into an Area of Mutual Interest. Bight Petroleum has reported to be in contact with several potential farminees and are considering equity finance to fund the work programmes.  Companies interested in pursuing this opportunity should contact:  Jens Biertumpel, CEO â email: jens@bightpetroleum.comÂ Â Â  tel: +41 78 810 4323  Lawrence Bernstein, Exploration VP, COO â email: lbernstein@bightpetroleum.comÂ Â Â Â Â Â Â Â Â  tel: +1 403 354 2492
Australia, EPP 42