Farm-in Summary
Bridgeport Energy Limited (Bridgeport) is excited to offer for farm-in several newly acquired and long-life (5 yr+) tenements in the Cooper-Eromanga and Otway basins of eastern Australia. There are six permits available for farm-in, three in each basin, covering just over 5800 km2. The gross potential recoverable resource identified is in excess of 220 MMboe (Pmean), comprised of ~600 Bcf of gas and over 115 MMstb of light oil. The farm-out package offers a variety of play types to pursue, phased and measured expenditure, with both commodity and geographical diversification. Most of the tenements are located near producing oil and/or gas fields and all are close to the infrastructure necessary to support an expedient monetisation of any discoveries. All farm-in tenements are in the early stage of their first exploration period, providing new joint venture parties the opportunity to influence work programs and budgets.
The package of farm-in assets is shown in Table 1, which summarises prospective resources and the corresponding working interests available for farm-in.
Bridgeport Energy Limited
Bridgeport is an established and experienced Australian operator with 10 producing fields under direct management in the Cooper and Surat basins. Bridgeport also owns and operates its own drilling and completions rig and is proud of an exemplary safety record having recently passed one million man-hours (5 years) without a lost time injury.
Tenements for Farm-In
All farm-in tenements have established access to markets. As an example, ATP 2022 is adjacent to Bridgeport’s Inland oil field, which allows an immediate tie-in of newly discovered resources and a short timeline to early cash flow. ATPs 2023 & 2024 have short tie-ins to both gas and oil facilities. Farm-in opportunities in the Otway Basin are associated with a large resource potential, proximity to infrastructure, and a demonstrated demand for oil and gas in the Portland area, southwest Victoria.
Two exploration projects in the farm-in portfolio are particularly noteworthy. The first project involves ATPs 2023 & 2024, which are located on the south-eastern flank of the Cooper-Eromanga Basin in southwest Queensland (Figure 1). Both tenements have substantial 2D seismic data across them, with a significant reprocessing effort to be undertaken over the coming months. ATP 2023 is gas prone (Permian targets) and ATP 2024 more oil prone (Jurassic targets) based on nearest offset production and the postulated source areas for each. However, all Jurassic and Permian reservoirs will be intersected & evaluated by the drill bit. These tenements are proximal to the prolific Jackson-Naccowlah-Pepita trend (Figure 1) where many millions of barrels of oil and billions of cubic feet of gas have been produced over the last sixty years. There is approximately 50 Bcf of gas and 27 million bbls of oil identified as prospective resources across both permits. Many additional prospects will likely be developed with early drilling success. Bridgeport is offering up to 30% interest to potential farminees. The anticipated work program for ATPs 2023/24 for the period to April 2026 includes the acquisition of 3D seismic and the drilling of 4 exploration wells, two in each tenement.
The other area of particular interest is the Otway Basin, Victoria which has only recently come out of a moratorium on exploration activities. Bridgeport was recently granted offshore Victoria State waters tenement VIC/P007191(V), in the Otway Basin (Figure 2). This block directly offsets Bridgeport’s existing onshore Otway holdings at PEP 150 and PEP 151 (~4,200 km2), which have been extended a further six years to 30 June 2026 through the recently passed ‘Orderly Restart’ legislation. The nearshore block, measuring approximately 440 km2 in area, has significant gas resource identified in a large structure (100 km2) named ‘Bonanza’, and a tilted fault block play concept area referred to as ‘Ponderosa’, analogous to the prolific Port Campbell area gas fields (Casino, Henry, Halladale, et al.). The Bonanza lead has two primary reservoir targets that could hold over 200 Bcf (Pmean) of recoverable gas, and potentially over half a Tcf in a P10 result. The Ponderosa lead is estimated to contain over 300 Bcf (Pmean rec.) with comparable upside. Both leads are within 2-4 km of the coastline and discoveries could likely be developed by onshore-to-offshore wells which would substantially reduce future capex and operational risk. Prior to drilling, a 3D seismic survey will be conducted to ensure optimum trapping configurations are targeted. Figure 2 below shows Bridgeport’s Otway farm-in portfolio with a subset of leads identified with stars (left image), and a map of the Bonanza structure (right image) roughly 20 km southwest of the city of Portland, Victoria. Portland is home to the Alcoa-owned Portland Aluminium Smelter, a likely interested party for any discovered gas resource here.
An expanded summary is available through the following link Bridgeport Farm-in Opportunities. Bridgeport’s Exploration Manager, Cameron Fink (02 8960 8419 | cfink@bridgeport.net.au), would be happy to discuss any aspects of the farm-in tenements on offer.
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