PEL 87 & PEL 424
Cooper Basin JV,
(40% Working Interest)
PEL 86, PEL 87 & PEL 89 reached the end of their first five year term in November 2007.
An application to renew the permits as a single permit with a much reduced area and a minimal work commitment was submitted to the Government in November 2007. These permits are peripheral to the main Cooper Basin Margin emphasis of the Company.
PELs 86 & 89 have been consolidated as one permit and will be renewed as PEL 424. PEL 87 is currently in the process of being renewed for another five year term.
The renewed permits, which are marginal to the main Jurassic Oil Fairway will have small initial work commitments.