Bowsprit Project, Shallow inland water Louisiana, USA, PRM 100%
- At current oil prices Bowsprit remains a viable single well development project (T1), but without significant exploration upside potential.
- Bowsprit-1vertical well appraisal drilling was completed in October 2021, this well exposed PRM shareholders to a significant share price uplift if it had successfully proven the field extension. Whilst the result was disappointing, the potential leverage to success was strategically justified. The well has been suspended for future side tracking. The intent is to drill a horizontal production well into the T1 reservoir and tie the well back to a nearby production facility via a short pipeline. This sidetrack will most likely occur in the northern hemisphere summer, subject to rig availability and continued strong oil prices
Prominence Energy Ltd (formerly Sun Resources NL) is an ASX listed oil and gas exploration and development Company.
Prominence Energy Ltd seeks to provide PRM shareholders with exposure to high value energy projects that will provide substantial capital growth in the PRM share price in the event of success.
- PRM is actively looking at oil and gas exploration assets to add to the portfolio.
- PRM is actively looking at Green Energy / Green Hydrogen opportunities to complement our oil business and manage the transition to a low carbon future.