Some large percentages in some potentially large prospects also:-
PEP 369, 405, 410 AUSTRALIA
- MERLINLEIGH BASIN - WESTERN AUSTRALIA (24%)
Onshore area of 12,865 sq.km.; 3.2 million acres.
Lightly explored, Joint Venture controls the total basin and all plays.
Prospects identified:
Naomi - 354 Bcf recoverable gas potential or 225 million barrels oil.
Carlson - 11.6 million barrels potential recoverable oil.
Tiberius - 43 million barrels potential recoverable oil or 150 Bcf gas.
Carlston 1 drilled in November 2001. Failed to reach objective Devonian target. Planned re-entry and deepening with larger rig.
Pancontinental retained a 13% equity during the drilling of Carlston 1 and was carried for the majority of its well costs.
Announcement 10.51am, page-15
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