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Energy World Corporation (ASX:EWC) says strategic alliance partner Strike Energy Limited (ASX:STX) has confirmed the gas resources at its Southern Cooper Basin project.
Energy World Coroporation is operator of the PEL 96 project with a 33.3 per cent interest whilst Strike Energy holds the remaining 66.6 per cent.
The companies were recently in dispute over the joint venture after EWC subsidiary Australian Gas Fields defaulted on funding for its portion. The cash calls have since been paid in full.
The first appraisal wells have defined a significant resource and the project will rapidly move to convert contingent resources to accessible reserves.
Energy World Corporation reported a net profit of $12.7 million for the first six months of the 2015 financial year.
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