The company has earned its 50% interest in PEL 155, Otway Basin, from Rawson Oil and Gas Ltd and has commenced earning its targeted 30% interest in ATPs 743, 744 and 1015, Galilee Basin, from Comet Ridge Ltd.
The company has also signed a binding Heads of Agreement with Somerton Energy Pty Ltd (wholly owned by Cooper Energy Ltd) whereby it can earn up to a 50% interest in PEP 171, Otway Basin, and has signed a Sale and Purchase Agreement with subsidiaries of Beach Energy Ltd to acquire a 100% interest in EP 126, Bonaparte Basin.
PEL 155 and the Galilee Permits have strong gas appraisal and/or exploration potential and more importantly, the potential for early gas production to supply the Eastern Australian energy market, which is beset by a serious supply shortage forcing gas prices to record levels. PEP 171 and EP 126 also have strong gas exploration potential along with significant oil exploration potential.
Our portfolio build strategy is to: