Endeavour Acquires Gippsland Basin Concession
Endeavor Energy Corp. has officially acquired Australian Offshore Oil and Gas Concession Vic/P60. Endeavor Energy had originally entered an agreement to purchase the promising oil and gas concession on April 18, 2007.
The Vic/P60 concession is comprised of 342,000 acres in the prolific Gippsland Basin off the coast of Victoria, Australia-a region long recognized for its rich oil and gas deposits.
"In excess of 4 billion barrels of oil/condensate and 12 TCF gas reserves have been discovered in the basin since exploration drilling began in 1964," explained Cameron King, CEO of Endeavor Energy. "The area has since yielded billions of barrels of production. It's a very rich region, and we are very fortunate to have the opportunity to explore the area."
The region's potential has not gone unnoticed by major oil and gas developers. Several of the world's largest oil and gas companies are producing, developing and exploring adjacent to Endeavor's concession. Major oil and gas companies that are present and explore the region include Santos, Apache, BP, and ExxonMobil.
Endeavor has partnered with Holloman Corp. on the Vic/P60 project, a major developer of gas plants, pipelines, and other infrastructure throughout the U.S. "We are very pleased to partner with a major player such as Holloman," said King. "Holloman provides 40 years of engineering and operating expertise. They will be instrumental in helping us reach our goals for the Vic/P60 concession."
Holloman have identified 6 prospective leads, based on independent reports by ISIS Petroleum Consultants predetermining the Vic/P60 potentially holding reserves of 1.5 billion barrels of oil.
Holloman owns a 37.5% stake in the Vic/P60. The remaining 62.5 % of the concession is directly owned by Endeavor Energy Corp.
Endeavor Energy Corp. is a Calgary, Alberta based emerging oil and gas development company focusing on the exploration, acquisition, and development of various oil and gas concessions around the world. The company's current projects are located in Saskatchewan and Alberta of Canada and off the Vic/P60 concession located coast of Victoria, Australia.
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