Real Energy Succeeds in Tender for 2 Exploration Permits in Cooper Basin
Cooper Basin focused oil & gas exploration company Real Energy Corporation Ltd. (Real Energy) disclosed Thursday that it has been successful in its tender for Queensland Petroleum Land Releases PLR 2014-1-4, located to the east of ATP927P and south of ATP917P in Australia.
The permit covers an area of approximately 419 square miles (1,084 square kilometers) and will increase Real Energy's total acreage position in the Cooper Basin to 3,613 square miles (9,357 square kilometers). The permit will be granted after Native Title Agreements and other environmental requirements are met.
Real Energy believes the permit is prospective for the basin centered gas play in the Toolachee and Patchawarra formations, which the Real's exploration activities are focused on, as well as a number of leads and prospects for Conventional Oil.
Real Energy's Managing Director, Scott Brown said: "This is another step towards Real's goal of developing a world-class tier gas project in the Cooper Basin, and follows on from the excellent results from our first two wells.
Our next priority is to flow test both the Queenscliff-1 and Tamarama-1 wells in several zones in the Toolachee and Patchawarra formations. Once we have completed extensive flow testing, we will then engage an independent firm to prepare an updated report on the company's gas reserves/resources."
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