Scroogy, below is response > again I was advised this morning that VPE was after PEL 514,before it was secured by PGS years ago, as they believed it was highly prospective for small/medium oil pockets ie as my previous posts indicate(taken from company data - know you mentioned I missed a few, but the one indicated were the key targets)The other things is that PEL 514 holds promise for shale/CSG potential - as Panning 2 (which is adjacent recently confirmed) Can't wait for the drilling to start, I imagine some are waiting for announcement of this to buy in - although by yesterday's action some are not, which maybe wise...GLTA
Today's Response:
I refer you to a news article in The Australian newspaper of yesterday (21 May 2013) written by Mr Barry Fitzgerald which details the Company’s recent positive transaction with Senex Energy Limited ('Senex'). The transaction was announced to the Australian Securities Exchange on 15 May 2013. The article explains that the Company will reduce to a 20% holding in PEL 514 in the Cooper Basin in South Australia while a substantial oil exploration program is to be undertaken by Senex at no ongoing cost to the Company. In addition to its free-carried equity interest in the project, the Company will receive $5 million in cash and may receive future royalty and bonus payments totalling $17.5 million based on oil production and the reporting of oil reserves. Mr Fitzgerald’s article also highlights the impending gas supply gap for the eastern states of Australia underlining the importance of the Copper Basin’s gas. This is potentially relevant to PEL 514 which, in its 1,972km2, is prospective for unconventional gas including hydrocarbon rich shale, tight gas and gas in coals.
PGS Price at posting:
2.5¢ Sentiment: Buy Disclosure: Held
