Oil and Gas Permit in USA - Tender Bids Due 2 Aug 2016 (AEST)

Categories:	Direct Assets, Mining / Oil / Gas Tenements
Sale Type:	Asking Price
Price Guide:	AUD Tender Bids below AUD$2.5 million may not be considered.
Status:	Closed

Summary:

Sale of wholly owned subsidiary holding a highly prospective Permit approx. 26,000 gross acres and in proximity to significant producing fields. The Permit has had a limited seismic program and three well drilling program with significant gas flows discovered. Independently estimated contingent recoverable resource (P50) of 56 bcf. Approximately USD$50M has been spent on infrastructure and drilling on this Permit. A major gas pipeline crosses the Permit. The Seller has just altered its corporate strategy and now seeks immediate disposal of the Permit.