KEY POINTS
- Two farm-out agreements signed providing exposure to tight gas sand, shale and deep coal plays:
– Area A (36% of total areas of PEL 516 and PEL 115 (Senex 100%) and,
– Area B (47% of total area of PEL 514, Deeps only (Senex 80% and operator, Planet Gas Limited (Planet, ASX: PGS) 20%)
- Up to $252 million may be invested by the joint venture partners in a two-stage work program involving the drilling of at least 15 wells and substantial 2D and 3D seismic acquisition programs
- Senex is free-carried for its share of the first $185 million of work program, with Senex, Origin and Planet having the option to contribute a further $67 million on a participating interest basis
- Senex will retain operatorship of the permits during the two-stage work program, with Origin having the option to become operator following completion of Stage 2
