Energy Resources Limited (ERL), a wholly owned MRL subsidiary, holds nine oil and gas exploration permits across the onshore Perth Basin, extending from south of the Perth metropolitan area to the Shire of Mingenew north of Perth and covering an area of 6,603 square kilometres. This makes ERL one of the largest permit holders in the onshore Perth Basin. MRL has been progressing the oil and gas exploration program this quarter, with focus on delivering a high impact conventional gas drilling program on our northern acreage, and a seismic acquisition program on our southern acreage to assist in defining future conventional gas drilling targets. Due to the impacts of COVID-19, moving equipment and crews from eastern Australia is challenging, and so MRL is in the process of applying for a 12-month suspension on these programs. To support these applications, under the Petroleum Act Guidelines, on 1st April MRL submitted a Notice of Force Majeure to cover all exploration programs against the impacts of COVID-19.
NWE Price at posting:
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