PEL 1 - initial grant February 1992.   Current term to 12 April 2028.

 

PEL 12 - initial grant September 1995.   Current term to 12 April 2028.

 

Both tenements are in good standing, and the environmental performance by both ACM and more recently by Santos is impeccable (view before and after drillhole photos).

 

ACM/Santos farmin agreement signed in June 2007 with Santos as Operator.  Santos earned 25% equity in December 2009, and in September 2011 was granted an additional equity of 40% under a deed of settlement.

 

Expenditure to date in excess of $50 million with large resource potential defined in two overlapping fairways as shown.  The biogenic fairway in particular shows excellent permeability and good gas content and composition from shallow, thick target seams.  The Early Permian fairway is showing good initial results but is at an early stage of evaluation.

 

Santos' PEL 238 adjoins to the north of PEL 12 and the northeast of PEL 1, as shown. Certified 2P reserves figures for this tenement (December 2009) were 1,520 PJ