Energy exploration off the coast of Newcastle has uncovered more than two-and-a-half billion cubic feet of prospective gas resources, according to the company that plans to drill offshore.
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The information was contained in Advent Energy's annual report up to December, 2019, which was released last week.
In his director's report, David Breeze noted that the Baleen prospect, in Petroleum Exploration Area 11, off the Hunter coast "appears to hold a higher probability of success than other prospects".
The company conducted 2D seismic testing in search of gas under the ocean floor about 30km southeast of Newcastle in 2018.
The Newcastle Herald reported in January that plans for 3D seismic testing had been shelved in favour of a move to begin drilling.
The annual report notes the company has applied to the Commonwealth authority to drill and forego the requirement to conduct 3D seismic testing.
It has also applied to extend the exploration licence for two years.
The report says the company has invested $25 million in the PEP11 title so far.
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