Petroleum Exploration License (PEL) 512

DEC Interest: 100%
Participant Status: Operator
Permit Type: Exploration
Location: Onshore
Gross Acres: 584,651
Permit Area: 2,369 km2
2D Seismic: 5,153 km
3D Seismic: 321 km2
Award Date: 26-Oct-2012
Tenure: 5 Years – 3 Terms
Current Year: Year 2 – Term 1
Expiry Date: 27-April-2031

The License comprises 584,651 gross acres overlaying portions of the geological system generally referred to as the Cooper and Eromanga basins. The PEL 512 Lycium prospect is the smallest portion of PEL 512 (4,000 Acres), PEL 512 South is the next largest portion of PEL 512 (181,000 acres) and PEL 512 West  is the largest portion of PEL 512, (400,000 acres) and is the most westerly portion.

The PEL 512 Prospect is flanked by offset production to the North totaling more than 6 MMBO since 2003. Adjacent fields have produced more than 17 million barrels of oil. Since the early 1980’s, the oil fairway on which the Prospect sits has produced in excess of 25 million barrels.

Recent exploration in the area by Beach Energy, Cooper Energy, Senex and Santos Ltd. has resulted in the Western Oil Margin becoming the focal point of new oil discoveries in the Cooper/Eromanga Basin, specifically offset the PEL 512 block to the North on PEL 92 and PEL 91.

Previous exploration in the late 1980’s and again during 2005-2006 by various operators in the southeast corner of the PEL 512 South Block resulted in the drilling of 10 exploratory wells, several of these wells exhibited “oil shows” but none were commercially completed. The Prospect features ready access to markets via existing and expanding pipeline capacity.