PEL 1 - initially granted February 1992 over 9,186 sq. km.  Current term to February 2015; current area 5,287 sq. km

 

PEL 12 - initial grant September 1995 over 2,860 sq km.  Current area 2,274 sq. km.  Renewal pending

 

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' recently acquired 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