In a statement yesterday, Advent’s investor MEC Resources announced the junior had farmed-in to earn up to a 50% stake in the Typhoon and Catalina blocks in PELs 104 and 111 respectively.
Under the deal, Advent can participate in drilling four exploration wells in the two blocks.
The PEL 104 Typhoon Block is considered highly prospective for Permian oil and gas as it is close to the Fly Lake oil and gas field and the Santos-operated Callabona oil field, MEC said.
In Typhoon, the Tempest and Typhoon prospects are drilling candidates interpreted from the seismic data to have the potential to contain up to 18 billion cubic feet of gas and 2 million barrels of oil.
Immediately north of Typhoon is the PEL 111 Catalina Block, which also neighbours the Santos-operated Charo oil field production licence.
In Catalina, the Catalina Prospect is interpreted from seismic data to have the potential to contain within target Permian Patchawarra sands up to 14 billion cubic feet of gas, and 2 million barrels of oil.
