Oil and gas exploration company Sentry Petroleum Ltd. has signed a Memorandum of Understanding (MOU) with Medina Group Limited to secure approximately 1,680,000 acres of land in the Adavale Basin in Queensland, Australia as granted under the Petroleum and Gas (Production and Safety) Act 2004, Authority to Prospect (ATP) No.864.
The company advises that the memorandum of understanding is not a binding agreement nor is it to be construed as enforceable by the parties. The memorandum of understanding operates solely as an agreement to exercise good faith on the part of the parties to cause the execution of the assignment.
Speaking on the prospects in the Adavale Basin, Sentry Petroleum President and CEO Alan Hart commented, "The Adavale Basin is large, encompassing roughly 15 million acres, or an area larger than the country of Costa Rica. There have only been 55 exploration wells drilled in the basin to date so it remains lightly explored, especially with modern drilling techniques. Additionally, there has been a significant gas discovery so we see tremendous untapped potential in this commercially proven basin."
Hart continued, "This is a significant step forward in the execution of our Australian exploration strategy and though the MOU is not binding we feel confident it will lead to an agreement between the parties."
The company expects to finalize a formal agreement in the coming weeks with final approval from the Department of Mines and Energy and the EPA immediately thereafter.
Most Popular Articles
From the Career Center
Jobs that may interest you