(PRESS RELEASE) LONDON, 4-Dec-2019 — /EuropaWire/ — Neptune Energy makes its first substantial investment in Petrel for five years with the start of seismic surveys in the extensive Petrel field, located in the Bonaparte Basin of Australia.
The study will expand and improve the quality and depth of Neptune’s area of seismic data that will enable the company and its partners to plan for the future.
On behalf of the Petrel JV, Neptune has signed an non-exclusive data licensing agreement with Polarcus Asia Pacific Pte Ltd, which is acquiring the Petrelex 3D seismic survey.
“The Bonaparte Basin presents exciting growth opportunities for Neptune, and Petrel may play a significant role in our future aspirations for the area. We look forward to working closely with our partners as we deepen our knowledge of Petrel in order to define the potential for further development,” commented Neptune Energy Australia Managing Director, Janet Hann.
In order to get a better understanding of the significant potential resources that Petrel holds, Neptune (54%) alongside its partners Santos (40.25%) and Beach Energy (5.75%) is investing in new broadband technology over an expanded area.
Polarcus secured approval for an Environmental Plan allowing acquisition of new 3D multi-client data to be acquired across the field.
Subject to operational conditions, the Polarcus Asima vessel will continue its campaign, which began on 30 November, into late January, covering 2,900 Km2 of territory. Data from the survey will be available in Q4 2020.
About Neptune Energy Group
Neptune Energy, founded by Sam Laidlaw, is an independent global E&P company operating across the North Sea, North Africa and Asia Pacific. In 2018, the company had production of 162,000 net barrels of oil equivalent per day and 2P reserves at 31st December 2018 of 638 million barrels of oil equivalent. The Company is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.
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SOURCE: Neptune Energy