Interesting to see the announcement from BUL today.Another very...

Interesting to see the announcement from BUL today.

Another very large Korean firm interested into farming into licenses within the Galilee Basin.

"Blue Energy Limited (ASX: BUL) is pleased to announce that it has executed a Heads of Agreement (HOA) with Korean Gas Corporation (KOGAS) as a first step toward the formation of a strategic partnership. The terms of the HOA provide for KOGAS to acquire a 10% equity stake in Blue Energy through a private placement. In addition to the placement, KOGAS has been granted an option to farmin to Blue Energy’s ATP813P in the Galilee Basin and ATP814P in the Northern Bowen Basin."

Information on KOGAS below.

"KOGAS was incorporated by the Korean government in 1983. Since its founding, it has grown to become the world's largest LNG importer. It is listed on the Korean Stock Exchange (KSE) with 2008 total revenue of A$24billion."

Then we have AGL who invested. See below.

"The Galilee Gas Project adjoins Galilee Energy’s Rodney Creek CSG project, where AGL Energy agreed in July 2008 to spend A$37 million to acquire a 50% equity stake in adjoining ATP 529. Longreach’s technical evaluation of the available public data indicates that coals of potentially similar CSG potential to those being appraised by the Rodney Creek and Crossmore pilot projects undertaken by AGL can be anticipated in four out of Longreach’s five permits. A potential Coal Seam Gas in place (CSGIP) resource of 10+ TCF is targeted by Longreach’s proposed CSG work program*."

Very good signs. Buyers and Sellers are flat atm. More than likely waiting on confirmation of license permits being granted. We have to wait to see what happens after this but I believe its going to be promising for EXE.

Both these licences are extremely close to EXE tenements. EXE are waiting for license granting of the following.

ATP’s 991, 996, 999, 1005 and 1008

I found an image showing the close proximity of the licenses but cant seem to find it anymore. If anyone finds a link please post for others to view...