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Red Sky farming into 4 Clarence Moreton NSW blocks
(7/23/2010 - OGI: Perth) Red Sky Energy has farmed into four permits held by Clarence Morton Resources in northeastern New South Wales, Australia in the Clarence Moreton Basin.
Red Sky reported today that the farm-in covers permits PEL457, PEL478, PEL479, and PSPA37. It said that it has obtained the right to earn an initial 30% interest in each permit by drilling one well and can earn an additional 40% interest in each permit by spending $3 million on further exploration. The company will serve as the operator of the permits and has the right to buy out the remaining interest held by Clarence Moreton.
The new farm-in acquisitions include both coal seam gas and conventional oil/gas rights. One of the permits is adjacent to Metgasco's PEL13 and its production lease application where independently certified reserves and contingent resources were recently reported by Metgasco at 1P-2.7 PJ; 2P-397 PJ; 3P-2,239 PJ and 2C-1,117 PJ. (1 PJ equals 942.9 million cf of natural gas.)
In addition, the farm-in permits abut Metgasco's acreage where 23 conventional oil/gas leads have been identified and where its Kingfisher-E1 conventional gas discovery is located.
Red Sky is planning to drill two core holes (one each in PEL457 and PEL479) during the last quarter of this year, initially targeting coal seam gas. Regulatory approval processes have commenced and preparations for the drilling rig are underway.
Click here for earlier report.
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