Under this letter agreement, Dujour agrees to commence, fund and complete the work program required by Vic/P60 Permit for the remaining four years of the concession's six year term. In order to maintain the Permit, the Dujour must perform: 1) a minimum of 120 square kilometers of 3D seismic over the concession, 2) continue Geological and Geophysical studies, and 3) drill one well by October 2009. Additionally, Dujour is committing to meet all requirements of the Permit Area including financial and reporting as set forth in the Concession Agreements from the Victoria State Government of Australia and the Australian Federal Government and as required under the Petroleum (Submerged Lands) Act 1967. The closing and the obligations of each party under this Letter of Intent is subject to the satisfaction of normal conditions precedent to closing transactions of this type.
Director Douglas Brown states, "Upon closing, Dujour will hold a 62.5% interest in Permit Vic/P60 geographically located at the southeastern margin of the Gippsland Basin and straddles the Southern Platform, Pisces Sub-Basin and Southern Terrance. The region is immature for oil generation and thus relies on oil migration from the northeast to fill structures identified in sediments of the Golden Beach subgroup, in a similar setting to the Archer oil discovery 30 kilometers north. The permit lies in water depths of between 70 and over 1,800 meters, but most targets could be drill in water depths of less than 500 meters. Six leads have been identified from reprocessing over 5,000 miles of the existing seismic data. Several large leads and prospects have been identified, some with multiple target horizons for oil accumulation."
Dujour intends to source additional Exploration and Production opportunities around the world and acquire professionals that can bring these assets to fruition.
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