Company Overview

Prominence Energy Ltd (“Prominence”) is a public company based in Perth, Western Australia that is listed on the Australian Stock Exchange (“ASX”) under the code “PRM”. 

The Bowsprit project in Louisiana, USA has been the main focus of the Company in the last two years in the build up to drilling. The first Bowsprit-1 well was drilled in October 2021 to appraise a potential upside extension to the field. Unfortunately, the field extension was not present and the Bowsprit, project is restricted to the modest, but commercial upper Miocene T1 reservoir, that Prominence will seek to put on production in 2022

PRM is in the process of reviewing potential new oil and gas projects to add to the portfolio. PRM believes that oil and gas companies need to evolve to be more carbon friendly to continue to be attractive investments for shareholders. In addition to conventional oil and gas projects, PRM will consider potential Helium, Green Energy and particularly Green Hydrogen investment opportunities.

Bowsprit Project

The Breton Sound and surrounding inland shallow waters offshore Louisiana, hold a prolific hydrocarbon basin that was extensively developed in the 1950’s to 1990’s.  In the late 1990’s industry activity focus shifted to deeper waters and the area has been largely neglected since.  Technical review of the available data, indicates to Prominence that there are opportunities for commercial development of established, but moderately thin oil reservoirs which have historically tested or produced oil at modest or sub-economic rates from vertical wells. Prominence believes that with good 3D visualization and employing the latest horizontal drilling techniques, which have been refined during the unconventional oil boom, it will be possible to find projects that will produce and will be commercially robust at current oil prices.

The initial 50/50 Bowsprit lease that was acquired in August 2017, has near term production potential through the planned redevelopment of a reservoir that produced oil in 1960’s at low rates from two vertical wells.  Prominence as Operator, intends to develop the field with a modern horizontal well and re-establish production. 

At current oil prices the Bowsprit oil project whilst modest in size is still likely to be commercial and capable of delivering material cash flow to the company and getting the field on to production will be the prime focus for the Company in the coming year. As we execute the detailed planning work for Bowsprit-1 side-track and incorporate all the new well data into the project, Prominence will also be mindful of carefully identifying and possibly securing additional follow up project leases. 

Prominence Energy Ltd and its Subsidiaries:

Australia
 
  Country of Incorporation Equity Holding %
Prominence Energy Ltd (parent entity) Australia  100
Prominence Investments Pty Ltd Australia 100

 

United States
 
  Country of Incorporation Equity Holding%
Sun Shale Ventures Inc. Texas, United States 100
Sun Louisiana, LLC Louisiana, United State 100
Sun Delta Inc. Colorado, United States 100
Sun Beta, LLC Colorado, United States 100
Sun Operating, LLC Texas, United States 100
Sun Woodbine Inc. Texas, United States 100
Sun Eagle Ford, LLC Texas, United States 100
Sun Southern Woodbine, LLC Texas, United States 100