Exploration activity in the Company's oil and gas interests are largely focused on its southwestern Queensland and Patchawarra Trough areas in the Cooper Basin. In October 2008, a small seismic survey was recorded in ATP 539 as part of a farmin obligation. This survey assisted in delineating two drilling locations on the Curalle Anticline, a regional structural high which is considered to be a focal point for migration of hydrocarbons. Subsequently, Planet Downs-1 was drilled during Febuary 2009. While the well was plugged and abandoned there were strong hydrocarbon shows during the drilling, but wireline log analysis did not indicate any zones of pay.
Tenement Inventory
| LICENCE |
INTEREST |
BASIN |
STATE |
| ATP-539P |
50% |
Cooper |
QLD |
| ATP-549P (West) |
41.66% |
Cooper |
QLD |
| PEL-88 |
50% |
Cooper |
SA |
| PEL-100 |
5% |
Cooper |
SA |
| PEL-106 (Smegsy Block) |
25% |
Cooper |
SA |
| PEL-106 (Paprika Block) |
12.5% earning |
Cooper |
SA |
| PEL-106 (Udacha Block) |
12.5% earning |
Cooper |
SA |
| PEL-106 (Rossco Block) |
12.5% earning |
Cooper |
SA |
| PL-18 |
10% |
Surat |
QLD |