March 2011

Monthly Update
The March 2011 data update is now available ...

Industry Summary
Senex Energy has increased its relevant interest in Stuart Petroleum Ltd to greater than 50% ...

Permit Updates and Changes
In the Clarence-Moreton Basin, Metgasco has acquired the rights earned by CS Energy under the Stratheden Joint Venture (PEL 16 FO), and this area now reverts to PEL 16 ...
 

Monthly Update


Industry Summary

Company News

Senex Energy has increased its relevant interest in Stuart Petroleum Ltd to greater than 50% and gained majority control.  Stuart shareholders have until 5pm (Brisbane time) on 29/03/2011 to accept the offer, unless extended.  (Source:  Senex Energy announcement, 10/03/2011).

The Boards of Senex Energy Ltd and Stuart Petroleum Ltd are pleased to announce an agreed merger transaction, to create a substantial oil and gas exploration and production company.  Under the terms of the agreement, Senex will make an offer for all the issued shares in Stuart on the basis of 2.5 Senex shares for each Stuart share.  Senex has entered into a pre-bid acceptance agreement with Stuart’s largest shareholder in respect of 19.9% of Stuart’s issued shares.  The transaction will be implemented through an off-market takeover offer for Stuart which will be subject to certain conditions, including a 50.1% minimum acceptance condition.  The offer is due to close at 5pm (Brisbane time) on 29/03/2011, unless extended.  (Source:  Senex Energy and Stuart Petroleum announcement, 21/02/2011).

Beach Petroleum advises that it has increased its relevant interest in Impress to 96% after Senex sold its 20% stake in Impress.  Beach will proceed to compulsory acquisition of all outstanding Impress shares.  (Source:  Beach Energy announcement, 21/02/2011).

Bridgeport Energy Ltd announced at a general meeting held today that shareholders voted in favour of issuing 56.1m shares to New Hope Corp Limited in return for $18.5m of equity funding.  The funding, in part, will be utilised for the acquisition of the upstream petroleum assets of IOR Energy, a privately held oil and gas exploration, production and refining company with interests in southwest Queensland and southwest Victoria.  The transaction comprises $15m in cash and 4.7m shares in Bridgeport representing an oil value of approximately $10/bbl for 2P reserves as well as a substantial 3P source portfolio to explore and develop.  The acquisition of the IOR assets comprises a 100% interest (and operatorship) in the PL 98 production permit and ATP 548P exploration permit as well as non-operated interests in other producing and exploration permits in the Eromanga Basin (southwest Queensland) and the Otway Basin (southwest Victoria).  (Source:  Bridgeport Energy announcement, 21/02/2011).

Cooper Energy is pleased to inform shareholders that the Company has entered into a transaction with GB Energy Ltd regarding the sale of all of the shares in Worrior (PPL 207) P/L which is the holder of the following Cooper Energy assets:  30% of Worrior Oil field, 25% of PEL 90 and 30% of PEL 93.  In addition, Cooper Energy has entered into farm-in agreements with GBX in relation to the following assets:  farm-out of 9.165% of PEL 100, farm-out of 20% of PEL 495 and farm-out of 10% of PEL 110.  The immediate value of the transaction is A$16 million plus A$0.5 million GBX shares.  The sales portion of the transaction is subject to GB Energy gaining approval from its shareholders and concluding a capital raising.  All the individual parts of the transaction are subject to normal regulatory and joint venture approvals.  (Source:  Cooper Energy announcement, 08/03/2011).

Kea Petroleum plc is pleased to announce that it has entered into an agreement to acquire a major interest in two onshore Australian petroleum exploration areas:  PEL 155 in South Australia’s Otway Basin and ATP 837P in Queensland’s Surat Basin.  In both cases, Kea will become the licence operator and will earn 50% interest in the two licences by part funding a total of three wells.  Subject to statutory approvals, Kea is assigned a 50% interest in PEL 155 with the remaining 50% being held by Energetica Otway P/L and Rawson Otway P/L.  Subject to statutory and other approvals, Kea is assigned a 50% interest in the oil and gas rights and 15% of the coal seam rights in ATP 837P with Energetica Resources P/L and Rawson Resources Ltd both holding 25% of the oil and gas rights and 7.5% each of the coal seam rights, with remaining coal seam rights held by TruEnergy Queensland P/L.  Kea will contribute A$4m to the first A$6m of drilling expenditure to be incurred in PEL 155 and ATP 837P, and if required, up to 11% above this figures and 50% of costs thereafter.  (Source:  Kea Petroleum announcement, 08/03/2011).

Exoma Energy Ltd is pleased to advise that the Queensland Government have given indicative approval for the proposed transfer of interests in Exoma’s five ATPs in the Galilee Basin to China National Offshore Oil Corp’s subsidiary CNOOC Gas & Power Group Ltd.  The approval follows the recent clearance from the Australian Treasurer for CNOOC’s $50 million farm-in to Exoma’s 26,840 sq km of CSG and shale gas prospective acreage in Queensland’s Galilee Basin.  The only remaining condition to completion of the farm-in transaction is the consent of the Chinese Government Authority.  (Source:  Exoma Energy announcement, 02/03/2011).

Magellan Petroleum Corp reports that the company and its strategic investor, Young Energy Prize SA executed an investment agreement on 11/02/2011.  The investment agreement sets forth the material terms of YEP’s commitment to fund approximately A$85.45 million to complete Magellan Petroleum Australia’s acquisition of Santos Offshore P/L’s 40% in the Evans Shoal field.  (Source:  Magellan Petroleum announcement, 17/02/2011).

Following yesterday’s General Meeting of Transerv Energy Ltd, where shareholders unanimously approved all resolutions to proceed with the merger of Latent Petroleum P/L, the transaction settlement is now scheduled for completion within the next 7 days.  As part of the merger process, the Board of Transerv has today resolved to issue a new tranche of Director and Management incentive options to the Directors and Management, subject to shareholder approval, exercisable at 3.2 cents each and expiring on 30/06/2014 with certain vesting milestones attached.  (Source:  Transerv Energy announcement, 11/03/2011).

Eastern Star Gas Ltd as CSG operator of the joint ventures in PEL 6, PEL 427 and PEL 428, located in northern NSW with Orion Petroleum Ltd and Comet Ridge Ltd is pleased to announce the first independent assessment of the coal seam gas resource in these licences: 

Licence        Recoverable Contingent    Recoverable Prospective

                         Resources (PJ)                Resources (PJ)  

PEL 6                      152.8                             1,160.5
PEL 427                   751.1                             2,457.8
PEL 428                   107.3                             1,018.9

TOTAL                   1,011.2                            4,637.2

Blue Energy
is pleased to advise that an independent assessment of technical data from the Sapphire and Central Blocks of ATP 814P conducted by Netherland, Sewell and Associates, has resulted in a 60% increase in the overall Contingent Resource in ATP 814P.  The assessment now brings the 3C Contingent Resource in ATP 814P to 2,063 petajoules of recoverable gas.  The total discovered gas in place volume in ATP 814P now stands at 7,018 petajoules. (Source:  Blue Energy announcement, 11/03/2011).

BG Group has finalised a contract to supply liquefied natural gas from its Queensland Curtis LNG project and its Global LNG portfolio to Tokyo Gas.  Last year BG and Tokyo Gas signed a heads of agreement for the supply of 1.2 million tonnes of LNG per annum from QCLNG and BG’s global LNG portfolio for 20 years from 2015.  The Japanese utility will also take up to a 1.25% stage in the reserves and resources of some of BG subsidiary QGC’s tenements in the Walloons Fairway of the Surat Basin as well as a 2.5% interest in the second train at QCLNG.  (Source: EnergyNewsPremium, 08/03/2011).

Australia Pacific LNG P/L (APLNG) and China Petrochemical Corp (Sinopec) have signed a Heads of Agreement establishing non-binding key commercial terms for the supply of up to 4.3 million tonnes per annum of LNG for 20 years and for Sinopec to subscribe for a 15% ownership interest in Australia Pacific LNG, thereby reducing both ConocoPhillips' and Origin Energy’s ownership interest to 42.5%.  Under the Heads of Agreement, Australia Pacific LNG and Sinopec intend to incorporate the agreed-upon non-binding key commercial terms into binding agreements in the near future.  (Source:  OilVoice, 25/02/2011).

Development News

Australia Pacific LNG P/L today gained Federal environmental approval for its coal seam gas to liquefied natural gas project.  The project involves the development of Australia Pacific LNG’s substantial CSG resources in the Surat and Bowen Basins, building a 450k transmission pipeline, and construction of a multi-train LNG facility on Curtis Island, near Gladstone.  Australia Pacific LNG Project Director, Mr Page Maxson, welcomed the Government’s decision, reaffirming Australia Pacific LNG’s commitment to managing potential environmental impacts of the project.  “Approval is conditional on a large number of environmental strategies and ongoing monitoring and reporting requirements being put in place” Mr Maxson said.  (Source:  Australia Pacific LNG announcement, 22/02/2011).

MacMahon Holdings has secured the Gladstone Liquefied Natural Gas Project civil works subcontract, worth more than $150m.  The contract, awarded by engineering, procurement and construction contractor Bechtel Australia, involves site preparation for the LNG plant, bulk earthworks, pavements, roads and drainage for a 144-hectare Greenfield site on the southwest side of Curtis Island.  (Source: EnergyNewsPremium, 11/03/2011).

Woodside Petroleum is making progress on extending the life of the North West Shelf and expects to make a final investment decision on the Greater Western Flank development early next year.  Speaking at an American Chamber of Commerce in Australia breakfast in Perth, Woodside North West Shelf executive vice-present Kevin Gallagher said the company was set to begin front-end engineering studies on the development with FID targeted for early 2012.  The development concept for the Greater Western Flank project was selected last year and includes the development of 14 fields, located southwest of platform Goodwyn A, which holds about 3 TCF of gas and about 100 mmbbls of condensate.   Meanwhile, he said the $5 billion North Rankin redevelopment project, also at the NWS, was on schedule for completion in 2013.  (Source: EnergyNewsPremium, 11/03/2011).

PTT Exploration & Production Australia has hired AGR Field Operations’ Subsea Division as it abandons its Challis and Jabiru wells in the Timor Sea.  The producer ceased production at Challis on 19/09/2010 and Jabiru on 30/09/2010 as the wells moved towards the end of their production lives.  (Source:  EnergyNewsPremium, 10/03/20110).

The offshore Taranaki Maui gas field is back on-stream after a successful month-long shutdown for essential upgrading at the Maui A platform and extensive maintenance at the onshore Oaonui production station.  (Source:  EnergyNewsPremium, 09/03/2011).

For the first time in over a year, Senex Energy Ltd has delivered oil from the Growler oil field in the western flank of the Cooper Basin.  Oil production at the field halted in February 2010 when a one-in-forty year flood made access to the company’s Cooper Basin oil fields impossible.  Access was regained last week following the successful construction of an alternative access route.  (Source:  Senex Energy announcement,  25/02/2011).

Discoveries

Apache Energy and its partners have more to celebrate after the Zola 1 well in the Carnarvon Basin intersected additional reservoir-quality gas sands.  The sands were identified on interpretation of data gathered while drilling, bringing the total gas-bearing sandstone intersected to date to more than 100m.  Partner Tap Oil said forward operations were to drill through the secondary target upper Mungaroo formation to a final depth of about 5,000m as planned before running the full suite of wireline logs.  (Source EnergyNewsPremium,10/03/2011).
 


Permit Updates and Changes

New South Wales

In the Clarence-Moreton Basin, Metgasco has acquired the rights earned by CS Energy under the Stratheden Joint Venture (PEL 16 FO), and this area now reverts to PEL 16.

Geothermal Permits

In the Sydney Basin, permits EL 5560 and EL 5886 are being renewed.


Northern Territory

In the Vulcan Basin, AC/P 40 has had its expiry date extended to 28/04/2014.

In the Beetaloo Basin, Falcon Oil & Gas Australia acquired the final 25% of EP 76, EP 98, EP 99 and EP 117 from Sweetpea Petroleum in April 2010 in exchange for common shares representing 25% of Falcon Oil & Gas Australia.

In the Amadeus Basin, EP 105 has had its expiry date extended to 27/03/2014.

In the Pedirka Basin, Central Petroleum Ltd and Great Southern Gas Ltd have agreed to dissolve current farmout agreements, allowing Great Southern Gas to withdraw from EP(A) 130 for an undisclosed settlement sum.

In the Wiso Basin, EP(A) 199, EP(A) 201, EP(A) 202, EP(A) 203, EP(A) 204, EP(A) 205, EP(A) 206, EP(A) 207, EP(A) 208, EP(A) 209, EP(A) 210 and EP(A) 211 are new applications by Wiso Oil P/L 100%.

In the McArthur Basin, EP(A) 212 is a new application by Arafura Oil P/L 100%.

In the Georgina Basin, EP(A) 213 is a new application by PetroFrontier Australia 100%.

In the Money Shoal Basin, EP(A) 214, EP(A) 215, and EP(A) 216 are new applications by MBS Oil P/L 100%.

In the McArthur Basin, EP(A) 217 is a new application by Arafura Oil P/L 100%.

In the Bonaparte Basin, NT/P 48 expiry date corrected to 24/12/2012.

Geothermal Permits

In the McArthur Basin, GEP 27829 was granted on 23/02/2011 to Western Desert Resources Ltd 100%. Licence will expire on 22/02/2016.

In the Arunta Basin, GEP 27831 was granted on 23/02/2011 to Crossland Diamonds P/L 100%. Licence will expire on 22/02/2016.

GEP 27833, GEP 27834 and GEP 27835 were granted on 23/02/2011 to Central Geothermal P/L 100%. Licenses will expire on 22/02/2016.

In the Georgina Basin, GEP 28120 was granted on 23/02/2011 to Barkly Energy P/L 100%. Licence will expire on 22/02/2016.


Queensland

In the Eromanga Basin, AGL Cooper Basin has increased its interest to 40% in ATP 1056P.

In the Surat Basin, ATP 1059P was offered. Overlapping application ATP 1065P remains an unsuccessful tenderer.

In the Bowen Basin, application ATP 1086P is no longer current.

In the Surat Basin, ATP 470P and ATP 471P are in the process of being renewed over reduced areas.

In the Eromanga Basin, renewals for ATP 543P and ATP 543P S have been refused. An appeal has been lodged in Land Court 06/01/2011.

In the Surat Basin, current interests in ATP 574P FO, PL 392 and PL 393 are QGC P/L 48%, Senex Energy Ltd 30%, BG International Ltd 12% and BG International (Aus) Ltd Partnership 10% with the BG-group acquiring Arrow's interests.

In the Eromanga Basin, Santos has completed its farm-in commitments in the permit and are in the process of being assigned a 50% interest in permit ATP 633P.

In the Surat Bowen Basin, CNOOC's acquisition of 5% from the BG Group included PL 397, PL 400, PL 401 and PL 402.

In the Surat Basin,
interests in permit PL 443 are BG International (Aus) P/L 80% and QGC P/L 20%.

In the Bowen Basin, Molopo has applied for production licence PL 447 over almost the entire area of ATP 602P. ATP 602P will be entirely relinquished on the grant of PL 447.

In the Surat Basin, Stanwell Corp acquired 0.25% from Tri-Star Petroleum in ATP 606P. Tri-Star's interests are held by Tri-Star Petroleum Co 0.75%, Tri-Star Australia Holding Co 1.68% and Tri-Star America Trading Co 2%.

Also in the Surat Basin, CNOOC's entry into the JV has not yet been signed off for permits ATP 620P, ATP 648P, ATP 651P, PL 179, PL 180, PL 228, PL 229, PL 247, PL 257, PL 259, PL 263, PL 273, PL 274, PL 275, PL 276, PL 277, PL 278, PL 279 and PL 442.

In the Surat Basin, Stanwell Corp has committed to proceed to Stage 2 involving a 20 well program to prove 2P and 3P reserves. Stanwell has been assigned a 50% working interest in the farm-in area and a 1% interest in the ATP 626P title.

Also in the Surat Basin, farmout blocks ATP 676P S1 and ATP 676P S2 no longer exist. These have been amalgamated back into the remainder Block of ATP 676P. Interests are Australian CBM P/L 70% and Arrow CSG (Aust) P/L 30% (i.e. Arrow group 100%).

Pure Resources' royalty agreement has been removed from ATP 683P B and ATP 689P.

In the Bowen Basin, ATP 688P has undergone a partial relinquishment and now covers a reduced area of 4,249 sq km.

During the 4th quarter of 2010 in the Eromanga Basin, Santos QNT and Avery Resources (Australia) drilled two wells in fulfilment of farm-in obligations under the ATP 752P Amended and Restated Farmin Agreement. As a result, interests are now: Santos QNT P/L 45%, Avery Resources (Australia) P/L 25%, Senex Energy Ltd 15%, Bow Energy Ltd 9% and Ocellaris Oil P/L 6%.

In the Eromanga Basin, Santos Farmin Agreement in permit ATP 752P W requires Santos to drill 4 wells and shoot 200 sq km of 3D seismic. One farmin well remains to be drilled before 31/12/2012.  Current interests are: Santos QNT P/L 30%, Senex Energy Ltd 24.5%, Avery Resources (Australia) P/L 21%, Bow Energy Ltd 14.7% and Ocellaris Oil P/L 9.8%.

In the Bowen Basin, interests in Conventional and CSG resource for permits ATP 756P and ATP 758P is OME Resources Australia P/L 100% and for permit ATP 759P interests are OME Resources 43%, Arrow Energy P/L 39.9% and Arrow CSG (Australia) P/L 17.1%.

In the Surat Basin, interests are the same as for Conventional and CSG resource in permit ATP 771P - Bow Energy Ltd 45%, Senex Energy Ltd 45% and Roma CBM P/L 10%.

In the Eromanga Basin, expiry date has been corrected to 31/12/2017 for ATP 772P.

In the Bowen Basin, interests in Conventional and CSG resource remain the same for permit ATP 806P, OME Resources Australia P/L 100%.

KOGAS farmin option has been extended to 28/02/2012 in permits ATP 813P and ATP 814P.

In the Cooper Basin, Deka Resources and Well Traced are in the process of farming out part of their interests to a private group for permit ATP 855P. Deka and Well Traced will each retain 3.25%.

In the Surat Bowen Basin, interests for ATP 873P in both the conventional and CSG resources are the same - TRUenergy Queensland 70%, Energetica Resources 15% and Rawson Resources 15%.

In the Adavale Basin, ATP 946P and ATP 946P C were granted on 08/03/2011. Licence will expire on 31/03/2023. In permit ATP 946P C Red Sky has advised that it will proceed with the farm-in to CSG resource with an initial work program of 2 core holes (approx $1.6m) to earn 10% (to be completed within 12 months). Red Sky has a further option to spend a further $5m to earn a further 80%.

In the Surat Basin, Stanwell Corp acquired 0.25% from Tri-Star Petroleum in permit ATP 972P. Tri-Star's interests are held by Tri-Star Petroleum Co 0.75%, Tri-Star Australia Holding Co 1.683% and Tri-Star America Trading Co 2%.

In the Surat Basin, CNOOC's acquisition of 5% of Roma Petroleum's interest in PL 171 has yet to be signed off by the JV.

In the Surat Basin, Pure Resources' royalty agreement has been removed from PL 198.

CNOOC's interest in PL 201, PL 211, PL 212, PL 261 and PL 262 have come from QGC.

In the Surat Basin, Farmout blocks S1 and S2 no longer exist. This area as been amalgamated with PL 253 S1 and renamed PL 253. PL 253 is a production licence application by Australian CBM P/L 70% and Arrow CSG (Aust) P/L 30% (i.e. Arrow group 100%).

Stanwell Corp acquired 0.25% from Tri-Star Petroleum in PL 297, PL 403, PL 404, PL 405, PL 406, PL 407, PL 408, PL 412, PL 413 and PL 444. Tri-Star's interests are held by Tri-Star Petroleum Co 0.75%, Tri-Star Australia Holding Co 1.683% and Tri-Star America Trading Co 2%.

In the Bowen Basin, PL 324 was granted to Xstrata Coal Queensland P/L on 08/02/2011.  Licence will expire on 30/06/2020.

In the Bowen Basin, interests in PL 448 are Comet Ridge Ltd 40%, Santos QNT P/L 30% and Australia Pacific LNG P/L 30%.

In the Surat Basin, PL 459 is a new production licence application over the McNulty field.

In the Cooper Basin, PL 460 is a new production licence application over the Inca field.

In the Surat Basin, PL 461 is a new production licence application over the Avon Downs field.

In the Carpentaria Basin, Q/23P
has had its expiry date extended to 20/03/2013.

Sequestration Permits

Applications EPQ 4, EPQ 5 and EPQ 6 have been withdrawn.


South Australia

Gazettals CO 2010-A, CO 2010-B and CO 2010-C closed on 10/03/2011 and are under consideration.

In the Cooper Basin,
Innamincka Petroleum has completed the acquisition of 25% in PEL 103, PRL 14, PRL 17 and PRL 18 from SCGAU P/L for a total consideration of $5m in cash.

Also in the Cooper Basin, PEL 105 has had its expiry date extended to 08/07/2012.

In the Cooper Basin, the area of PEL 106 has been extended to include the areas previously covered by the Paprika, Rossco and Smegsy joint venture blocks which no longer exist.

In the Cooper Basin, PEL 107
has had its expiry date extended to 01/12/2014.

In the Cooper Basin, in PEL 218 FO Icon Energy has earned 10% and Deka and Well Traced have each earned 5% by completing Phase 1. Icon will earn an additional 23.33%, Bounty will earn 23.28% and Well Traced and Deka will each earn an additional 0.03% following the completion of Phase 2 which involves drilling and testing the Wakefield well.

In the Otway Basin, GB Energy can earn 20% of PEL 495 by paying 40% of the next exploration well.

Geothermal Permits

In the Eromanga Basin, GEL 191 has been extended. GEL 194, GEL 197, GEL 200, GEL 203 and GEL 236 are now consolidated under GEL 191.

GEL 192 has been extended. GEL 195, GEL 198, GEL 201, GEL 204 and GEL 237 are now consolidated under GEL 192.

GEL 193 has been extended. GEL 196, GEL 199, GEL 202, GEL 205 and GEL 238 are now consolidated under GEL 193.

In the Cooper Basin, Geodynamics has completed the acquisition of GEL 268. The company will take full ownership of the tenement after issuing 1.5 million fully paid Geodynamics shares to Clean Energy.



Tasmania


CalEnergy Gas (Australia) Ltd was acquired by Toyota Tsusho Corp in October 2010 and renamed Toyota Tsusho Gas E&P Otway Ltd in November 2010. CalEnergy Gas (Australia) held interests in T/18P, T/30P, T/L 2 and T/L 3.

In the Tasmania Basin, SEL 26/2005 has had its expiry date corrected to 06/08/2011.

In the Tasmania Basin, SEL 45/2007 has had its expiry date corrected to 18/12/2012.

In the Tasmania Basin, SEL 5/2005 was renewed to 07/09/2015.

In the Tasmania Basin, E&P Investments' interest in SEL 58/2008 is held by E&P Investments Australia P/L.



Victoria


In the Otway Basin, CalEnergy Gas (Australia) Ltd was acquired by Toyota Tsusho Corp in October 2010 and renamed Toyota Tsusho Gas E&P Otway Ltd in November 2010. CalEnergy Gas (Australia) Ltd held interests in VIC/L 23 and VIC/P 43.

In the Gippsland Basin, year 6 of the work program for VIC/P 45 has been varied to require completion of ongoing geotechnical studies and review of the remaining leads within the licence.



Western Australia


In The Canning Basin, Backreef Oil holds 100% interest in permit DR 9.

Gazettals
L 10-6, L 10-7, L 10-8, L 10-9, L 10-10, L 10-11 and L 10-12 closed 10/03/2011 and are under consideration.

In the Perth Basin, the Warro joint venture has received formal funding approval from Alcoa of Australia for up to $22m of expenditure to complete the drilling and re-testing of the Warro 4 well and a 3D seismic program over the Warro Project area, EP 321 and EP 407. Alcoa of Australia has a right to increase its interest by completing Stages 2 and 3. The licences are pending suspension, lodged on 06/01/2011.

In the Canning Basin, EP 476 was granted to Buru Energy Ltd 100% on 18/02/2011. Licence will expire on 17/02/2017.

In the Gascoyne Basin, permits SPA 6/08-9 AO and SPA 9/09-0 AO expired 30/11/2010. New applications
STP-EPA-0014 and STP-EPA-0015 have been made by New Standard Onshore P/L 100% over a reduced area.

In the Carnarvon Basin, TP/9 was relinquished on 11/02/2011.

In the Bonaparte Basin, Santos' interest is in WA-18-P is held by Santos Ltd 29% and Bonaparte Gas & Oil P/L 11%.

In the Browse Basin, WA-274-P has had its expiry date extended to 14/11/2011.

In the Bonaparte Basin, Santos' interest in WA-27-R is held by Santos Offshore P/L.

In the Browse Basin, WA-281-P has had its expiry date extended to 14/05/2012.

In the Barrow Basin, interests in WA-290-P are as follows: Apache Northwest P/L 30.25%, Santos Offshore P/L 24.75%, OMV Australia P/L 20%, Nippon Oil Exploration (Dampier) P/L 15% and Tap (Shelfal) P/L 10%.

In the Browse Basin, WA-341-P has been renewed over a reduced area of 1,004 sq km. The licence was granted on 03/03/2011. Licence will expire on 02/03/2016.

In the Carnarvon Basin, Moby Oil & Gas Ltd plan to enter a conditional farmin agreement with Exoil Ltd, subject to shareholder approval. On approval, Moby will earn 95% interest in Exoil's 30% interest in WA-359-P by meeting 100% of Exoil's costs.

In the Carnarvon Basin, in permits WA-362-P and WA-363-P ENI Australia took over as operator in December 2010.

In the Canning Basin, Dick Cooper Exploration P/L have a 2% ORR in WA-419-P.


New Zealand

In the Taranaki Basin, application APP 52223 was withdrawn on 22/12/2010. Existing exploration permit PEP 38479 remains the controlling permit.

In the Canterbury Basin, APP 52614 has been varied and now covers an area of 4,952
sq km.

In the Taranaki Basin, APP 53423 and APP 53424 are new applications by Commonwealth Oil and Gas
100%.

In the Canterbury Basin, PEP 38259 expiry date has been corrected to 17/08/2013.

In the Westland Basin, PEP 38512 has been renewed over a reduced area of 39 sq km, and will expire on 25/01/2015.

In the Great South Basin, PEP 50119 and PEP 50120 have had an extension of land granted on 03/03/2011 and now cover areas of 23,822 sq km and 8,340 sq km respectively.

In the East Coast Basin, PEP 50940
has undergone partial relinquishment and now covers 274 sq km.

In the Taranaki Basin, Green Gate Ltd transferred its interest in PEP 51150 to Taranaki Ventures Ltd on 03/03/2011. Taranaki Ventures now holds 100% of the licence.

In the Taranaki Basin, an extension of land was granted for PEP 52181 on 18/02/2011 and the licence now covers 312 sq km.

In the Taranaki Basin, Origin is acquiring Mighty River Power's 50% interest in the section below the Tikorangi in PML 38140 and PML 38141. Interests in both the Tikorangi and below the Tikorangi are now Origin Energy Resources NZ (Tawn) Ltd 100%.

In the Taranaki Basin, in permit PML 38146 4% of Genesis' interest is held by GP No 5 Ltd.


Papua New Guinea

In the Papuan Basin, Nippon Oil Exploration acquired 5% from each of Drillsearch Energy (PNG) and IOR Exploration P/L in PL 244. Nippon now holds 20% of the licence.

In the Papuan Basin, Oil Search has committed to earning a 30% interest in PPL 276, PPL 312, PPL 338 and PPL 339 and has commenced seismic in two of the blocks.

In the Papuan Basin, block 2972 was removed from PPL 339 with Oil Search confirming that it belongs to PPL 238. Remaining two overlapping blocks (2758 and 24) are still being confirmed as both companies believe them to lie in their respective licences.

In the Papuan Basin, Oil Search (PNG) Ltd has increased its interest to 45.106% and has taken over as operator in PRL 9. Barracuda Ltd holds 40% and Cue PNG Oil Co P/L 14.894%.

In the Cooper Basin, PPL 237 and PPL 238 have undergone a partial relinquishment. The reduction in area is due to the grant of retention licence PRL 15 over the Antelope/Elk field.

In the Papuan Basin, retention lease PRL 15 was granted to SPI (208) Ltd over the Antelope/Elk field on 30/11/2010. Licence will expire on 29/11/2015.


Joint Petroleum development Area

In the Timor Gap Basin, in permit JPDA 06-103 a 25% partial relinquishment is due at the end of the first primary period. Work program has been varied. The fourth commitment well will be at the discretion of the operator if the third well is unsuccessful. The PSC may be relinquished if the operator and JV partners decide not to proceed with any further exploration after the third well. The location of the third well will be finalised after the acquisition and interpretation of new 3D seismic (140k). Expiry date is 16/01/2012.


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