Tellus Resources (ASX:TLU) and Senex Energy (ASX:SXY) are progressing exploration of their joint oil and gas acreage in the Cooper Basin, South Australia.
This includes the conversion of the PEL 105 into three Petroleum Retention Licences - PRL 108,109 and 110, giving the partners tenure over the area for 15 years.
Tellus has a 30% interest in the licences.
In addition, the licences now fall under Senex’s portfolio, allowing a more thorough investigation of the area’s potential.
The joint venture is focusing on a new conventional Toolachee play that is considered to be higher impact than the previous plan to drill Cassam-1 oil exploration well.
Senex will also further investigate a potentially large gas play located adjacent to the successful Bookabourdie gas field.
This “off structure” play could hold significant amounts of condensate rich gas.
The first well is expected to spud in the third quarter of 2014.
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