Ann: Sale of 5% PEL182 interest for $5m , page-8

Keep the Kingston updates coming SXY.

Interesting little purchase by SXY too.
$5 million for another %5 of PEL182. That bring SXY up to %54.9 of the tenement.

1 (sq kilometre) = 247.105381 acres

The price per acre I believe is as follows:
1745 area sq km
%5 of that is 87.25 sq km
87.25*247.1 = 21560
Therefor - SXY paid $232 per acre.

Seems cheap compared to BPTs purchase of ADE which was around $850 per acre. I realize the different geology of the tenements.

However PEL182 is clearly part of the Western Flank Oil Fairaway which is proving to be a huge conventional cash cow for SXY,BPT and DLS.

Hope everyone also noticed the large international player that just entered the Australia oil & gas exploration game.
CTP just J/V with French Total.. big deal.

Sooner or later the Australian Shale sector will take off, just a matter of time... and patience for holders.