Bounty Oil & Gas is preparing to spud the New Seaclem-1 well, offshore New South Wales (NSW), Australia.
For the project, the firm shifted the semi-submersible rig Ocean Patriot to the drilling location, 55km due east of Newcastle, NSW.
The well, which is the first exploration well to be drilled offshore NSW, is situated in PEP11.
New Seaclem-1 will drill natural gas in the Great White and Marlin prospects contained within the Cainozoic age sedimentary sequence.
The Great White and Marlin prospects are estimated to hold 7tcf of gas.
New Seaclem-1 is expected to be spudded this month.