Warrego (ASX:WGO) exercised its Call Option on exploration permit application STP-EPA-0127, in the north Perth Basin Western Australia, and now holds the application via subsidiary Palatine Energy.
EPA-0127, which on final grant will be 2.2m acres (8,700 km2) and is the largest exploration permit in the Perth Basin. The Call Option was entered into in April 2016 and was exercised for $250,000 of Warrego Convertible Notes. A further $100,000 in shares is payable once approvals are in place and a work programme has commenced in the northern Perth Basin Permit.
In early 2018 Mitsui acquired AWE for $602M based largely on its 50% interest in the Waitsia gas project in the Perth Basin.
The STP-EPA-0127 permit
is 185km long and about 55km wide (8,700 km2) and essentially covers the entire Coolcalalaya Sub-Basin.
contains up to 9000m of Neo-Proterozoic, Palaeozoic and Mesozoic sediment
lies at the northern limit of the prospective and partially developed Perth Basin, which produces conventional oil and gas from several fields.
the Waitsia discovery was the largest conventional onshore gas discovery in Australia in the last 40 years.
Main exploration targets identified in the Coolcalalaya sub-basin are: