Dynasty Metals Australia Receives Grant for two WA Petroleum Licenses

Dynasty Metals Australia (DMA) disclosed Wednesday that it has been granted two onshore petroleum licences, EP 484 and EP 485, within the Northern Perth Basin in Western Australia.

DMA noted that the approval process for the two applications was substantially delayed.

"The two applications were made in April 2007 and due to the long negotiations with one of the grantee parties, the process was forwarded to the Native Title Tribunal for mediation. It was [then] determined that the Native Title over the licenses had been extinguished," DMA said in its statement.

The two leases are located in a sedimentary package some 31 miles (50 kilometers) east of Geraldton, and they cover an area of 436 square miles (1,129 square kilometers). The EP 485 permit covers the Irwin River coal measures.

Exploration targeting coal seam methane has not been undertaken in the area although oil and gas explorers have reported gas flows when drilling the Irwin River Coal Measures.

"The tenements are well located for development with respect to existing gas infrastructure, resource projects and regional ports and railways," DMA added.

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