Central Petroleum enters JV to assess CSG, oil potential TOP News Source: News Bites
Central Petroleum Ltd has signed an initial term sheet with a privately held, low emission energy solution developer, Energy Infrastructure and Resources Ltd (EIR) for joint assessment of EPA 130 southeast of Alice Springs in the Northern Territory for its potential for coal seam gas and oil.
EIR was founded and is headed by its managing director Rohan Gillespie who founded and led BHP Billiton's CSG business as vice president and COO until the division was sold to AGL in 2006.
The term sheet provides for Mr Gillespie's EIR to earn a 25% stake in EPA 130 with Central Petroleum reducing its stake to 55%.
Great Southern Gas Ltd, a subsidiary of EIR, already holds a 20% conditional stake in EPA 130, which was farmed down by Petroleum Exploration Australia Ltd, now a subsidiary of QGC, a BG group business.
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