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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.

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Sasanof Prospect, Offshore Western Australia, PRM 12.5% 

  • PRM has acquired a 12.5% interest in the high-impact multi-TCF Sasanof exploration prospect drilling in May 2022.
  • Sasanof is a large seismically defined, amplitude supported prospect in the Cretaceous Lower Barrow Group at a depth of 2,500m. It is an up-dip prospect from the liquids rich Mentorc Gas Field, previously discovered by Hess Corporation. Western Gas has secured the Valaris MS-1 semi-submersible drill rig secured with drilling scheduled for May 2022 at an estimated cost of US$20-25 million (US$5-6.25 million PRM share).
  • PRM is paying 25% of the well cost to earn 12.5% and raised A$12 million in January 2022 to fund the project.