Pmer Nyente Land Trust Agrees to Negotiate Access to Merlin Energy's Pedirka Basin InterestsMonday November 19 1:27 PMPresent at the meeting were representatives of all of the family groups with membership of the Land Trust concerned and the resolutions passed by unanimous vote and signature of a formal request to the Central Land Council were : 1. That the Pmere Nyente ALT agrees to the Central Petroleum Proposal and agrees to lease to Central Petroleum the land necessary for an access road to the east of the existing Colson Track across Pmere Nyente ALT lands to EP 93 and EP 97 2. The final access route will be subject to sacred site clearance and include the measures explained by Central Petroleum to prevent tourist access to the Allitra tableland which will include gating off access to the old Colson Track and the Numery Dam Road if requested. 3. The Central Land Council is instructed to finalise the necessary lease documents with Central Petroleum as soon as possible but in any case before December 31st 2007. Central looks forward to finalising the road access lease with the CLC in accordance with the instructions of the ALT issued today at a duly convened meeting under the Aboriginal Land Rights Act. The CLC was invited to attend the meeting but did not. On 26th October 2007, Merlin formalized an agreement with Rawson Resources Limited (Rawson) to farmin to the Simpson, Bejah and Dune prospect blocks in the Pedirka Basin, a recognised prospective province for oil exploration with many similarities to the Cooper Basin. The terms of the farmin agreement executed on the 26th October 2007 call for Merlin to complete and fund at the 100% level, 100 line km of seismic anywhere on Exploration Permit 97 and to drill one well in each of the prospect blocks to retain an 80% participating interest in the respective prospect blocks. The seismic and the first well are mandatory but Merlin has the option to cease expenditure at any time after that. The 80% participating interest was assigned with effect from the execution of the Agreement but shall be returned to Rawson if the programme does not proceed on each of the prospect blocks severally. Merlin will be the operator of the farmin operations under an industry standard Joint Operating Agreement to be signed as soon as practicable prior to commencement of operations, the substantive terms of which have been agreed already. The farmin arrangement is subject to, inter alia : - the Central Land Council approving access via the Colson Track or the environs thereof around the Alitra Tableland - Merlin satisfying itself (acting reasonably) that the costs of the access roads are not unreasonably high The Agreement is planned to deliver to Merlin approximately 1,250 km2 of prospective exploration ground with 5 prospects ready to drill and several leads. Any Coal Bed Methane resources hosted by the prospect blocks will also be included. Total recoverable Prospective Resources (SPE) hosted by the prospect blocks in the Rawson farmin have been assessed ranging from P50 or "best" estimate level of 260 mmbbls to a P10 or "high" level of 1,600 mmbbls. Central now will operate in the Pedirka Basin, permits and applications consisting of EPs 93,105,107, the Rawson Prospect Blocks in EP 97 and permit applications 130,131 and PELA 77. Inclusive of Coal Bed Methane, the total potentially recoverable Prospective Resources within these permits has been assessed independently at P50 or "best" level as 320 mmbbls and 47 tcfg. About CENTRAL PETROLEUM LIMITED: Central Petroleum is a ASX listed junior exploration and production company operating what is regarded as the biggest package of prospective acreage in Australia. The Company gained admission to the Official List of the ASX on March 3rd 2006 with shares and options commencing to trade on Tuesday the 7th March.The acreage has been assembled since 1998 when the Company was first formed as Merlin Synergy NL. Contact: John Heugh TEL: +61 8 9474 1444 Source: CENTRAL PETROLEUM LIMITED Copyright (C) 2007 ABN Newswire. All rights reserved. |
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