Tellus, Senex amend JV farm-in agreement for PRLs in Cooper Basin

Tellus Resources Ltd. (TLU) has provided an update on its Cooper Basin exploration activities in petroleum retention licenses (PRLs) 108, 109, and 110 in South Australia.

TLU has just executed an agreement with its joint venture partner, Senex Energy Ltd., which has the effect of amending the prior farm-in agreement between the parties, as follows:

Instead of drilling a carried well, Senex will instead fully fund the acquisition, processing, and interpretation of a 3D seismic program covering approximately 16 square miles (42 square kilometers) of the PRLs (and additional tails extending into neighboring licenses). In return, Senex will earn an additional 7% equity in the PRLs.

Additionally, Senex intends to begin the seismic program in the first quarter of 2015. The agreement has mechanisms to encourage the timely performance of this farm-in work

Commenting on this development, TLU’s managing director, Carl Dorsch, said, “Conducting a 3D seismic program on our Cooper Basin assets is a technically sensible move for Tellus. It leaves us with a flexible equity level of 43% and will hopefully position us for a lower-risk well to be drilled thereafter.”

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...