Rodinia Expands Exploration Rights in Western Australia
Rodinia has been awarded two new Petroleum Exploration Permit Applications ("EPAs") by the State of Western Australia covering approximately 22,880 square kilometers (or approximately 5,654,000 acres) in Western Australia. These EPAs were issued pursuant to applications made by Rodinia on March 1, 2010.
These two EPAs (EPA 3/09-0 and EPA 4/09-0) are located immediately north of Rodinia's current exploration acreage in Western Australia.
In 1999, on what is now EPA 4/09-0, the Geological Survey of Western Australia drilled the GSWA Vines well to 2,017 meters total depth. A gas show was encountered on drilling at 1,482 meters. This well was originally sited by aeromagnetic and gravity surveys.
"These new lands complete our land holdings over the prospective portion of the Western region of the basin," said Rodinia's President and CEO, Paul Bennett. "The Exploration Permit Applications are located in a tectonically undisturbed region of the basin and add to Rodinia's 17.3 million acres of immense un-risked and undiscovered resource potential in the South and Western Australian region."
Rodinia has priority on this new acreage and the right to convert these EPAs into Exploration Permits ("EPs") provided it negotiates an agreement with the local indigenous people in accordance with the Native Title Act 1993. Once converted to EPs, Rodinia will have the sole right to explore in these areas. Rodinia plans to commence the negotiations with the indigenous people in the latter part of 2010.
Rodinia has an Area of Mutual Interest Agreement with its joint venture partner which grants their partner the right to participate for a 20 per cent working interest in a 10 kilometer buffer zone surrounding the joint venture's current acreage. As these new permits touch the Northern border of existing lands, Rodinia's joint venture partner can elect to participate for a 20 per cent working interest in the Southern 2,000 square kilometers (494,210 acres or 8.7 per cent gross) of these new permits.