Before the survey commenced there were a number of leads in the block and the object of the survey was to high grade these prospects to enable Rawson to select a target for drilling in the first half of 2006.
Rawson took 637 soil gas samples over seven days in late October and initial results showed anomalous readings over a previously mapped structure. Further geological and geophysical work will be done along with discussions with our joint venture partners but early indications are that this would be our preferred target for drilling.
Rawson under the Appadare Farmin Agreement has the right to earn a 50% interest, by paying the drilling cost of an exploration well, in a petroleum production licence resulting from the drilling of that well, from the existing holders of the permit being Beach Petroleum (operator) (BPT) 40% and Great Artesian Oil and Gas Limited (GOG) 60%.
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