Gulf Oil and Gas accountACCOUNT

Farm-Out of South Australian, Cooper/Eromanga Basin Permits

Source: www.gulfoilandgas.com 10/18/2005, Location: Not categorized

Strike Oil Limited has entered into a Farmin Agreement with Advent Energy Limited (“Advent”) whereby Advent will be earning an interest in both PELA 71 and PELA 96 operated by Strike Oil in the South Australian sector of the Cooper/Eromanga Basins. Advent will be responsible for funding a total $2.2 million of exploration expenditure to earn a 25% working interest in each permit. These funds will be directed to exploration, seismic and drilling activities in the permits once the Native Title Agreements have been finalised. Strike Oil’s interests in PELA 71 will reduce to 50% and in PELA 96 it will reduce to 41 2/3%.

Both permits contain numerous oil prospects and leads in the Eromanga Basin sequence. On finalisation of the Native Title Agreements seismic is planned in both permits followed soon after by prospect drilling. Advent is an Australian public company proposing to list on the Australian Stock Exchange. The farmin is conditional on Advent becoming a public listed company by 1st April 2006.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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