Australia’s Prominence Energy Ltd, through its recently shaped wholly owned subsidiary PRM Energy Texas LLC (PRM Texas), has been granted two adjoining investigation blocks within the USA Outer Continental Shelf (OCS) close Texas, the company said in a news release.
The two leases OCS-G-37341 and OCS-G-37342 cover a range of 11,520 sections of land and are found in roughly 250 feet (75 meters) of water, with the most prospect within the squares being dubbed Big Apple. The leases have an initial five-year exploration term beginning July 1, and the pieces can be held by production for 25 long time. There is no minimum work program, and the leases have yearly lease payments of USD57,600 each.
Prominence said it has mapped and performed amplitude variety with offset (AVO) examination on seismic within the squares and identified a sizeable gas prospect with a range of between 4,000 to 7,500 sections of land. Located in a water depth of roughly 250 feet, the prospect can be bored employing a jack-up rig, the company said.
PRM is exceptionally satisfied to have secured the Big Apple Prospect pieces with five-year leases”, Prominence Managing Chief Alex Parks said. “The Huge Apple prospect is possibly exceptionally material in size and the AVO work demonstrates prospectivity for gas. PRM holds the leases with a 100 percent working interest. The forward plan is to perform a point-by-point specialized workup of the prospect and after that consider looking for a farm-in partner to take part in and finance the boring of an investigation well.”
Prominence plans to buy the remaining speculative seismic over the prospect and perform point-by-point mapping work on the prospect and after that have a Prominence assets evaluation autonomously looked into by a reserve’s auditor, focusing on moving to the boring stage of the extend as before long because it is down to earth. Whereas the Big Apple project moves to drillable status, Prominence said it proceeds to survey extra ventures “across a wide range of types and locations”, counting carbon capture and capacity, hydrogen, helium, and near-term conventional oil and gas farm-in drilling opportunities.
According to the company website, Prominence claims a 100-percent stake in the Bowsprit Project found in Louisiana, USA, and a 12.5-percent stake in WA-519-P located offshore Western Australia. The company was formerly Sun Resources NL. In June 2022, the Sasanof-1 well in WA-519-P was not found to have any commercial hydrocarbons. Western Gas was the operator of the prospect. Prominence said that the Sasanof-1 investigation well was penetrated to a total profundity of 7,840 feet RMDT by the Valaris MS-1 rig without incident. No commercial hydrocarbons were met, and the well would be stopped and forever surrendered, Prominence said.