Australia’s Prominence Energy Ltd, through its new wholly-owned subsidiary PRM Energy Texas LLC (PRM Texas), has been awarded two exploration blocks adjacent to the US Outer Continental Shelf (OCS) near Texas, the company said in a press release.
The two leases OCS-G-37341 and OCS-G-37342 cover an area of 11,520 acres and are in approximately 250 feet (75 meters) of water, with the main prospect of the blocks called the Big Apple. The leases have an initial exploration term of five years from July 1 and the blocks can be held for production for 25 years. There is no minimum work schedule and the leases have annual rental payments of $57,600 each, according to the release.
Prominence said it has mapped and performed amplitude variation offset (AVO) analysis on seismic on the blocks and identified a major gas prospect with an area of between 4,000 and 7,500 acres. Located in a water depth of approximately 250 feet, the prospect can be drilled with a jack-up rig, the company said.
“PRM is very pleased to have secured the Big Apple Prospect blocks on five-year leases,” said Alex Parks, CEO of Prominence. “The Big Apple prospect is potentially very material in size and the AVO work indicates a prospect for gas. PRM holds the leases with a 100 percent working interest. The plan going forward is to perform a detailed technical work of the prospect and then consider finding a farm partner to participate and finance the drilling of an exploration well.
Prominence plans to purchase the remaining speculative seismic on the prospect and perform detailed mapping work on the prospect and then have a reserves auditor independently review an assessment of Prominence’s resources, with the goal of moving to the drilling phase of the project as soon as practical.
While the Big Apple project moves into drilling status, Prominence said it continues to review additional projects “across a broad spectrum of types and locations,” including carbon capture and storage, hydrogen, helium and short-term conventional oil and gas exploitations. drilling opportunities.
According to the company’s website, Prominence owns a 100 percent interest in the Bowsprit project located in Louisiana, USA, and a 12.5 percent interest in WA-519-P located in Western Australia . The company was formerly Sun Resources NL.
In June 2022, the Sasanof-1 well at WA-519-P was not found to have any commercial hydrocarbons. Western Gas was the operator of the prospect. Prominence said the Sasanof-1 exploration well was drilled to a total depth of 7,840 feet RMDT by the Valaris MS-1 rig without incident. No commercial hydrocarbons were encountered and the well would be capped and abandoned for good, Prominence said.
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