Operations and Technology The acreage includes the majority of the Pedirka Basin in the Northern Territory and in South Australia, the majority of the Amadeus Basin in the Northern Territory, all of the known Lander Trough in the Northern Territory and approximately 10,000 km2 of the Southern Georgina Basin. Key prospectivity points include:
Proven prospectivity- ground surrounds 2 producing fields Mereenie, Palm Valley (Santos/Magellan JV) Billion barrel oil, multi TCF gas and multi BCF Helium* conceptual potential Trillion tonne coal UCG/CSG potential ( Maynard 2009) > 10,000 TCFG prospective syngas resources from UCG applications ( Mulready 2009) 1.25 trillion GTL middle distillate (diesel) prospective resources from UCG syngas ( Mulready 2009) Dominant position in 4 whole basins Conventional and Non-conventional plays Underexplored-well density 1/5,000 km2 Proven Helium potential with previous flow to surface with Helium at 6.3% Helium currently sells for c. $100/mcfg versus natural gas in Australia at c.$3-5/mcfg
The Company plans, subject to various contingencies, a robust exploration programme to commence Q4 2009 including :
Phase One 2009
5 fully cored CSG wells Pedirka Basin (34-70 TCFG prospecitve resources CSG, >10,000 TCFG UCG) flow testing CBM93001 GoreTM survey Johnstone (c.900 MMbbls UOIIP) Ooraminna-2 gas, directional appraisal well 2 TCFG UGIIP- already flowed gas 1,350 line km seismic (Amadeus and Pedirka)
Subtotal $25 million, CTP $16 million
CTP Price at posting:
10.0¢ Sentiment: LT Buy Disclosure: Held
