PEL 111

Cooper Basin JV, South Australia

(40% Working Interest)

 PEL 111 is located on the Western Margin of the Cooper Basin and covers 1,185 square kilometres.  The permit is located to the north of, and adjacent to, PEL 104.  The permit surrounds the Charo oil discovery which recovered 12 barrels of oil from the Birkhead Formation.  The permit is prospective for both oil in the Jurassic sequences on the Western Margin and gas in the deeper Permian sequences in the central and eastern portions of the permits.

 

The Western Margin Oil Fairway which hosts the Growler and Wirraway oil discoveries to the south covers a large portion of the central and western areas of PEL 111.  A major effort has been conducted to reprocess, interpret and map the seismic dataset in the permit.  The prospects and leads inventory includes six prospects that are ready to drill (Ascender, Ascender North, Gannet, Gannet Southeast, Liberator and Warhawk) with the first of these anticipated to be drilled in the third quarter of 2007.