Eneabba Gas signs option to acquire EP 477 Permit in Perth Basin

Eneabba Gas Ltd. (ENB), a Western Australian energy firm, has entered into a binding heads of agreement (HOA) with Greenpower Energy Ltd. for an option to acquire 100% of the issued capital of Greenpower’s wholly owned subsidiary, GCC Methane Pty Ltd.

GCC owns a 50% interest in Exploration Permit 477 (EP 477) in the Perth Basin, approximately 12.4 miles (20 kilometers) to the southeast of Eneabba’s Ocean Hill project.

ENB will pay a $23,472 (AUD 30,000) nonrefundable option payment for a 45-day exclusive period, in which time ENB will complete its due diligence on the permit. If ENB elects to exercise its option to acquire GCC (GCC’s only asset is EP 477), it will pay $641,568 (AUD 820,000) to Greenpower for 100% of the issued capital of GCC. The permit covers approximately 428 square miles (1,108 square kilometers) and includes the formerly producing Waylering gas field.

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


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...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...