AJ Lucas Group Limited provides additional information on the acquisition of the three Petroleum Exploration Licences (PELs) in New South Wales announced on 6 March 2015.
All of the PELs were acquired from Lawndale Pty Limited (Lawndale), a company controlled by Andrew Purcell, a non-executive director of AJ Lucas. Lawndale in turn acquired the PELs from Dart Energy Limited, a wholly owned subsidiary of Igas PLC, incorporated in the United Kingdom.
Santos Limited currently has a 15% interest in PEL456, but has elected to earn a further 35% interest through an existing farm-in arrangement, which once completed will increase its interest to 50%. The balance of the equity interest in the PELs will be retained by Lawndale. Santos is the operator of PEL456 while PEL445 and PEL458 will be operated by Lucas or its nominee.