In December 2019, following Save Our Coast’s successful campaign against seismic testing, Asset Energy announced it will proceed directly to drilling for gas. Asset believes PEP11 contains significant reserves of gas – gas that will risk of toxic pollution in our beautiful coastal waters and fuel dangerous climate change while doing nothing to reduce electricity prices in Australia. Save Our Coast is campaigning to prevent this threat to our oceans and our planet.
The gas industry argues gas is a cheap, clean energy source that helps prevent global warming. This is NOT TRUE. In fact, gas is a major source of greenhouse gas emissions and a huge threat to our planet.
The PEP11 (Petroleum Exploration Permit 11) licence was granted by the Commonwealth government to a gas exploration joint-venture comprising majority partner Asset Energy plus Bounty Energy and RL Energy.
PEP11 covers 4500sq/km of ocean, in places just 5.5km from the shore, from Manly through the Central Coast to Newcastle. It is believed to contain significant natural gas reserves under the ocean bed. PEP11 is entirely in Commonwealth waters, which begin 5.5km offshore.
Asset Energy is a subsidary of Perth-based Advent Energy, whose shareholders include BPH Energy and listed Pooled Development Fund, MEC Resources. RL Energy have now withdrawn.