This is the reason fatprofits has been keen on EPE imoCOAL...

This is the reason fatprofits has been keen on EPE imo

COAL EXPLORATION PROGRAM COMMENCES & EPC 1204 GRANTED
Enterprise Energy Limited (“Enterprise”, ASX Code EPE) is pleased to announce that
Bandanna Coal Pty Ltd (“Bandanna”), has advised that coal drilling operations have
commenced in EPC 892. In addition, Bandanna has been notified by the Queensland
Department of Mines and Energy that the former application area EPCA 1204 has now
been granted to Arcadia Coal Pty Ltd, a wholly owned subsidiary of Bandanna.
As announced to the ASX on 17 December 2007, Enterprise entered into a Heads of
Agreement with Arcadia Coal Pty Ltd and Springsure Creek Coal Pty Ltd (subsidiaries of
Bandanna) for the farmin and purchase of interests in three Bowen Basin coal exploration
areas, EPCs 892 and 1131 and the then EPCA 1204. As disclosed, the terms of the farmin
provide for Enterprise to earn an initial 25% interest in these areas with an option to
purchase a further 20% in each. The principal targets in all three areas are coal seams of
the late Permian Rangal Coal Measures.
Drilling has now commenced in EPC 892 in an area known as the Purbrook Anticline. A
total of 24 chip bore holes will be drilled and logged during the first phase of the
exploration program. A second phase of 65 cored holes is then planned to be drilled. The
granting of EPC 1204 now provides complete coverage and access to the crestal portion
of the Purbrook Anticline where historical drilling results indicate the presence of several
coal seams at depths of 200 to 400 m. As such, this program is considered relatively low
risk. The primary objectives of this program are to confirm the coal quality, structure and
seam continuity in order to convert portion of the estimated approximate 100 MT
exploration target into a resource.
It is expected that stage one of the exploration program in EPC’s 892 and 1204 will take
between six to eight weeks to complete. Interim results be released to the market once
logging, correlation and analysis of the drilling results has been completed over sufficient
area to enable proper determination of any potential resource estimates. Stage two will
be scheduled once the results of stage one have been reviewed.
Further information can be obtained from Dr Ray Shaw, Chairman, Enterprise Energy
Limited, on 02 9923 1520.