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Tellus Farmout arrangement with Senex in its PEL 105

Source: www.gulfoilandgas.com 9/11/2013, Location: Not categorized

Tellus Resources Ltd (the “Company” or “TLU”) and its wholly owned subsidiary PNC AUST Pty Ltd (“PNC”) are pleased to announce that they have agreed to a farmout arrangement with Senex Energy Limited (“Senex”) in its PEL 105 tenement in the Cooper Basin, South Australia. The terms of the deal are summarised as:

1. Upon signing of the legally binding HOA, PNC transfers a 50% interest in PEL 105 to Senex. The transfer is subject to Ministerial approval as well as both parties completing all the terms of the HOA summarised below.
2. PNC continues with preparations to commence the drilling of Pirie 1. PNC cash calls Senex for $3.5M to contribute to the costs of drilling Pirie in two equal tranches as follows:
Tranche 1 : $1.75M prior to spudding Pirie 1 (expected in 5 days)
Tranche 2 : $1.75M 25 days after spud.
3. Following the rig release on Pirie 1 well operated by PNC, PNC will transfer operatorship of the Permit to Senex.
4. Upon assuming operatorship, Senex will sole fund a further well in the Permit on or before June 30, 2014. Following this, PNC will transfer a further 20% interest in the block to Senex.

The Pirie 1 well is targeting Birkhead, Toolachee, Patchawarra and Tirrawarra oil and wet gas prospects. Recoverable oil in the Tirrawarra could be as high as 3 million barrels. Commenting on the transaction, managing director Carl Dorsch said “It is with a great deal of satisfaction that we have managed to attract a company of the calibre of Senex Energy in to this prospect and we look forward to a mutually beneficial result with the wells and indeed into the future together”.

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

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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