Tellus Resources Ltd (the Company or TLU), an Australian based oil, gas and mineral exploration company, and its wholly owned subsidiary PNC AUST Pty Ltd (PNC) announced Wednesday that they have agreed to a farmout arrangement with Senex Energy Limited (Senex) in its PEL 105 tenement in the Cooper Basin, South Australia. The terms of the deal are summarized as:
Percentage Working Interest
The Pirie 1 well is targeting Birkhead, Toolachee, Patchawarra and Tirrawarra oil and wet gas prospects. Recoverable oil in the Tirrawarra could be as high as 3 million barrels.
Commenting on the transaction, managing director Carl Dorsch said “It is with a great deal satisfaction that we have managed to attract a company of the calibre of Senex Energy in to this prospect and we look forward to a mutually beneficial result with the wells and indeed into the future together."
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