Tellus Resources Limited (TLU or the Company) provided Wednesday an update on its Cooper Basin exploration activities in Petroleum Retention Licences (PRLs) 108, 109 and 110 in South Australia.
TLU has just executed an Agreement with its joint venture partner, Senex Energy Ltd., which has the effect of amending the prior Farmin Agreement between the parties, as follows:
Commenting on this development, the Company’s Managing Director, Carl Dorsch, said “Conducting a 3D seismic program on our Cooper Basin assets is a technically sensible move for Tellus. It leaves us with a flexible equity level of 43 percent and will hopefully position us for a lower risk well to be drilled thereafter.”
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