Drillsearch and QGC form $130 million Cooper Basin Shale Gas JV
Highlights:
- Strategic JV to explore and develop unconventional shale and tight gas resources in Drillsearch license in the Cooper Basin
- Under the JV, QGC (a 100% BG Group subsidiary) to acquire 60% interest in ATP 940P
- QGC commits to a five year $130 million three stage exploration and pilot production appraisal program (with QGC to fund $90m of the first $100m)
- Agreement provides access to QGC's gas commercialisation capacity
- QGC to be issued 31.6 million Drillsearch share options (approximately 9.9% of company) at a strike price of 62 cents per share
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