BPH Energy secures renewal of Retention Licence RL1 in Northern Territory
Australian oil and gas company Advent Energy has accepted a renewal of Retention Licence 1 (RL1) by the Northern Territory government for a five-year term, Sydney-listed BPH Energy said on May 3. RL1 encompasses an area of 166 km2 and includes the Weaber gas field, an asset originally discovered in 1985.
BPH owns the majority interest in Advent which is an unlisted oil and gas exploration and production company based in Perth, Western Australia. Advent, through its wholly owned subsidiary Onshore Energy, holds a 100 % interest in RL1 and is the operator of the Retention Licence in the onshore Bonaparte Basin in northern Australia.
The Bonaparte Basin is a highly prospective, petroliferous basin, with significant prospective potential for reserves of oil and gas. Most of the basin is located offshore, covering 250,000 km2, compared to just over 20,000 km2 onshore and is recognised as one of Australia's most prolific offshore hydrocarbon producing basin, BPH said.