ADVENT Energy subsidiary Onshore Energy is preparing to drill an exploration well in the onshore Bonaparte basin by 31 March 2017.

Advent is currently sourcing costs and the availability of drilling rigs for a well to be drilled in EP 386 in Western Australia.

“Drilling rig rates have fallen substantially in recent months and a number of potentially suitable rigs are becoming available,” the company said in an announcement released by major shareholder MEC Resources.

Of the nine wells drilled within EP386, six have flowed gas to surface at various rates up to 2.1 million cubic feet of gas per day, and all have demonstrated evidence of the presence of hydrocarbons, MEC said.

“Advent has entered into discussions and letters of intent for potential gas supply with several large potential gas consumers,” it added.