Planet Gas Limited has been successful in its bid for petroleum exploration licence area CO2009-C which was recently offered under competitive tender by the South Australian Government in the Cooper/Eromanga Basins of South Australia.

As a low-carbon energy focused company, Planet has as one of its strategies the exploration of potential 'convergence' solutions with the aim being to explore the combined usage of traditional and alternate energy sources and technologies, to improve the commercial feasibility of these technologies and bring to market sustainable low-carbon energy projects.

This petroleum licence area is in proximity to the Company's Eromanga geothermal project and the successful application marks the latest step in the Company's continuing process of refocusing its exploration, appraisal and development efforts towards Australian energy projects.

Cooper Basin The Cooper Basin project fits the Company's strategy of securing high quality energy projects proximal to delivery infrastructure in mature producing basins where exploration risk is considerably lowered.

Area CO2009-C comprises one of five permit areas of the initial Gazettal release for the Cooper/Eromanga Basins by the Department of Primary Industries and Resources of South Australia. The acreage within the Gazettal release consists of relinquished acreage from the Santos joint venture as well as acreage relinquished from the Gazettal rounds made in 2001.

CO2009-C lies in the northern area of the Cooper/Eromanga Basins. Recent exploration proximal to this block has included successful results with discoveries at Acrasia, Reg Sprigg 3, Flax and Arrow and James (which has been relinquished and is now part of this block). Older discoveries include Keleary, Telopea, Cuttapirrie, Pondrinie, Coonatie, Moorari, Tirrawarra and Bookabirdie. The northern section of the block, much of which is under-explored, surrounds a trend of Jurassic and Triassic oil discoveries, with the southern area being within a Permian Gas province and the eastern section of the block being proximal to a number of Permian gas and oil discoveries.

Hydrocarbons in the northern area are sourced from the northern Patchawarra Trough as well as the Arrabury Trough to the east and partially from the Poolowanna Trough to the west.

Planet's initial exploration program will include reassessment and reinterpretation of existing seismic and drill data before commencing on prospect and lead identification and a program of seismic testing and drilling over the 5 year term of the licence.

Granting of the licence will be subject to the Company successfully completing native title processes and the payment of the required security bonds.

Tags: Planet Gas Limited