Energy Investments Limited Commences Extensive
2007 CBM Exploration/Appraisal Drilling Program
The Directors of Energy Investments Limited (ASX: EIV) are pleased to announce the commencement of the company’s 2007 Coal Bed Methane [CBM] exploration and appraisal drilling programs.
EIV holds an extensive CBM portfolio in Queensland, where it has 100% ownership for 12 years of 23,920 sq kms of highly prospective permits in the Bowen and Surat Basins. In the Maryborough Basin EIV also holds 1,200 sq kms in joint ventures where it has the right to earn up to 90% working interest. EIV is one of the largest holders of CBM acreage in Australia.
Upcoming Drilling Program
1. ATPs 613 and 733P (EIV earning 90%) Drilling will commence today on the Burrum No. 1 CBM well in ATP613P in the Maryborough Basin, between Hervey Bay and Bundaberg in Queensland. EIV will fund 100% of costs to earn 90% working interest in any production in ATPs 613P and 733P from Magellan Petroleum Limited, the present tenement holder and operator of the drilling program.
2. ATPs 817P and 818P (EIV 100% ownership) EIV also intends to commence CBM exploration and appraisal drilling during calendar 2007 in its 100%-owned ATP817P in the Bowen Basin, west of Santos Limited’s
Fairview Field, and in ATP818P in the Surat Basin (also 100% owned by EIV), east of Queensland Gas Company’s and Arrow Energy’s Walloon CBM projects.
3. ATP814P (part) (EIV 100% ownership reducing to 50%)
EIV has also completed a Heads of Agreement with CSM Energy Limited [CSM] whereby CSM will fully fund exploration drilling and up to 2 four-well pilot CBM project developments, estimated at approximately $6 million, to earn a 50% working interest in 7 graticular blocks (totalling 550 sq kms) of ATP814P in the Bowen Basin in Queensland.
The Chairman of EIV, Mr Norm Zillman said, “I am confident that EIV’s extensive drilling program will result in the identification of areas capable of commercial CBM production.”
END
EIV
energy investments limited
eiv commences exploration drilling
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