PELA 514 - Cooper Basin
Primary Industries South Australia (PIRSA) granted PEL 514 to Planet Gas in November 2011. The PEL is located in the north-eastern Cooper Basin of South Australia.
PEL 514 lies close to existing oil and gas producing fields and underutilised pipeline infrastructure in the Cooper Basin. Two small hydrocarbon discoveries already exist at South James and Moondie. Eight new oil and gas prospects have been mapped by the Company. The Jurassic Birkhead Channel sands, analagous to those producing at Growler and Snatcher in neighbouring licences, will be the initial conventional exploration focus.
Coal Bed Methane potential also exists within the boundaries of PEL 514 with proximal wells having penetrated coal thicknesses of up to 41m in the Toolachee formation, and 51m in the Patchawarra formation.
A new unconventional resources play in the Cooper Basin was heralded recently by a successful test of the REM (Roseneath-Epsilon-Murteree) shales to the South of PEL 514 at the Holdfast-1 well. The tests there suggest that not only the Murteree shales, but also the Patchawarra, Epsilon and possibly the Toolachee formations are prospective for shale gas. The Murteree member of the REM shales exists in the Patchawarra Trough of PEL 514, and is understood to be hydrocarbon rich.
Existing Cooper Basin Operator Senex Energy (ASX:SXY) is farming-in for a 50% interest in the northern part and a 70% interest in the southern part of the licence, through 100% funding of three exploration wells. Senex will assume Operatorship of the permit.
