On 16th September 2021, Bulwark Oil and Gas SA (Pty) Ltd (“Bulwark”), an affiliate of Bastion Oil and Gas South Africa (Pty) Ltd (“Bastion”), applied for eight gas technical co-operation permits (“TCPs”). It is our belief that the Bulwark application areas, in addition to the Bastion TCP areas, have the potential to produce domestic gas in sufficient commercial quantities to significantly contribute to the alleviation of South Africa’s energy crisis and rising fuel costs.
Seven of the applications were accepted by the Petroleum Agency for processing. These areas are depicted on the map above in blue. These TCP areas will be subjected to a thorough screening for their gas exploration potential, to rank the areas in terms of available geological data.
We are confident that the Bulwark applications will be granted shortly. These areas have now been depicted on the February 2022 Petroleum Agency oil and gas hub map. An extract from the map is set out below.
The Bastion TCP areas measure approximately 3 295 km² and Bulwark application areas measure approximately 26 610 km². This gives Bulwark and Bastion access to the largest potential onshore indigenous gas bearing acreage in the Republic of South Africa with Bastion’s western area, TCP 192 situated southwest of the Evander gas field, having known helium potential.
We are encouraged by the recent ASX announcements made by our neighbour, Kinetiko Energy Limited (Afro Energy (Pty) Ltd, their RSA subsidiary) regarding their new investment partner, the Industrial Development Corporation of South Africa. We look forward to Kinetiko’s results as they progress their gas production drilling campaign. Kinetiko’s announcement of positive aeromagnetic survey results in their areas adjacent to the Bastion and Bulwark areas, together with the recent transaction announced respectively by Ivanhoe Mines (TSX listed) and Renergen Ltd (JSE and ASX listed) and the term sheet concluded by Renergen and the Central Energy Fund support our view regarding the abundance and commercial viability of South Africa’s onshore indigenous gas.
Bastion is satisfied, from recent regional magnetic data technical analysis work performed, that the geology across the Bastion TCP areas is consistent with the geological success achieved by Kinetiko and Renergen respectively. We are acutely aware of South Africa’s demand for energy supply and security. To that end both Bastion and Bulwark will accelerate its work programme firm in the belief that indigenous gas developed together with renewables is South Africa’s future power solution.
Harmonising the imperatives of planet, people, prosperity, peace and partnership in alignment with section 24 of the SA Constitution and the United Nations’ sustainable development goals, we will at the earliest opportunity consult with interested and affected parties within Bastion and Bulwark areas. This process defines how we will engage and partner in achieving both environmental and developmental objectives that Bastion and Bulwark must ultimately commit to through social compacts.
Bastion remains focused on fundraising and anticipates lodging its exploration right applications in the second quarter 2022. We look forward to partnering with like-minded companies as joint venture partners, contractors and gas off-takers.
For more information, please contact the undersigned at barrisford@bastionoil.com or info@bulwarkoil.co.za
Barrisford Petersen
Founder and Managing Director
BASTION OIL AND GAS SOUTH AFRICA (PTY) LTD
BULWARK OIL AND GAS SA (PTY) LTD
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