Bridgeport Energy

Bridgeport Energy Limited is an innovative operating petroleum exploration and production (E & P) company headquartered in Sydney, NSW with operations in the Surat and Cooper Eromanga basins in Queensland and South Australia and the Otway Basin in Victoria. The company has base production capacity of 310,000 barrels per annum from 12 fields (10 operated) with more than 15 years of reserves cover and an extensive total E & P portfolio covering over 10,000 km² (>2.5 million acres) of net area. Several of the later-life fields are being readied for the introduction of CO₂ from industrial sources commencing with the Moonie field (PL 1) south of Dalby.

As at 31 May 2021, Bridgeport reported net 2P reserves of 5.9 mmboe and net 2C resources of 9.3 mmboe. The majority of 2C resources are held in the Moonie CCUS project, with additional 2C resources associated with the Odin gas project in southwest Queensland. Currently the Company is highly leveraged to oil, but there is increasing diversification with the addition of gas revenue forecast from development projects across multiple fields including Vali and Odin in CY2022. The Company carries large net P50 prospective resources of 79 mmboe (conventional oil and gas) and 91 mmboe (unconventional gas liquids) in the game-changing Toolebuc Shale play.

Bridgeport owns a workover rig that can also drill wells with its hook load capacity of 212,000 lbs. This provides a large degree of operational self-sufficiency, having operated 38 wells and over 100 workovers, which helps to maintain a high level of production uptime.

Final stage project approvals are expected during 2022 to enable recovery of additional 2C oil resources from the Moonie field through the injection of carbon dioxide (CO₂) from a nearby power plant. This leading-edge Australian project, recognised by the Global CCS Institute (GCCSI) and progressing to carbon credit accreditation with the international agency Verra (Washington DC based), will yield important commercial benefits elsewhere in the Company’s portfolio.

Bridgeport is also working with Quilpie Council to supply local communities with distilled water from the Company-produced water stream as well as solar powered electricity and the potential for its use in green hydrogen production.