Throughout the year the Company continued to advance the resource imaging technology it has under exclusive license by engaging with the oil and gas industry and meeting with government departments in order to be able to facilitate land access for companies wishing to utilise the technology as well as to highlight the advanced technologies capabilities and benefits for use in Australia. The small footprint and minimal disturbance as well as the powerful risk reduction capabilities of the technology make it an ideal tool for exploration and appraisal.
Significant interest is being shown by companies to include the use of the technology in upcoming work programs in order to advance their acreage and reduce the uncertainty around undrilled prospects.
Three immediate markets have emerged where the technology can be utilised and adds significant value; water resources, hydrocarbon resources and environmental resources.
During the year the Company undertook field trials on Empire Oil & Gas (EOG) 100% owned acreage in the Perth Basin. The results of these trials were very encouraging and provide valuable data in regards to acquisition in the basin. The results are currently held under confidentiality.
BRD acknowledges the foresight shown by EOG in being the first company in Australia to pioneer the trials of the technology. Use of the technology is rapidly gaining momentum in the US with a growing number of successful results defining hydrocarbon accumulations.
The Company also successfully field trialled the technology at a deep aquifer monitoring borehole provided by the Western Australian Department of Water.
The figure below shows profiles attained using the Company’s resource imaging technology which is a surface geophysical technology, that is, these profiles are created without drilling a well providing a virtual drilling log response.
It can be seen from the comparison that the technology is correlating well with resistive fluids (fresh water, oil or gas) contained in the sandstone reservoirs. Not only can these profiles be correlated with existing logs from well bores but they also provide additional geologic information in the form of hydraulic conductivity and derived porosity.
Also during the year the Company announced that Pacific Hunt Energy (Pacific Hunt) has commissioned a pilot survey of BRD’s resource imaging technology (Seismo-Electric) in its PSC C-1 block onshore Myanmar in order to better define the hydrocarbon distribution of the Indaw structure.
Upon completion of this initial survey, the company would then seek to conduct a full-scale study across the greater Indaw structure and later over other prospects and leads in the block. Myanmar Oil and Gas Enterprise (MOGE), the oil and gas regulatory authority in Myanmar has approved the survey.
Subsequent to the end of the financial year Pacific Hunt and BRD are finalising the logistics around the survey and mobilisation of equipment in advance of the survey which is being planned for October after the wet season in Myanmar.
A number of survey proposals are currently under review by oil and gas companies in Australia. Initial discussions have been held with oil and gas companies in Indonesia and New Zealand in regards to potential surveys as well as with mining companies in the final stages of production planning, in relation to locating ground water for use in processing, utilising the Seismo-Electric technology.
The Company continues to actively work with the Western Australian Department of Water and Western Australian Department of Mines and Petroleum on applications of the technology and facilitation of industry uptake and is in discussions with service companies and consulting groups to support the roll out of the resource imaging technology across Australia and the Asia Pacific Region.
The company has a dual strategy around its remote imagine technology. First to provide surveys for clients across the water, hydrocarbon, mineral and environmental resources industries; and secondly to utilise its technology to leverage into and participate in resource projects via various mechanisms.