Senex Energy Limited (Senex) report its farm-in to Petroleum Exploration Licence Application (PELA) 514, a strategically located permit in the northern Cooper Basin in South Australia with an area of 1,921 square kilometres.

Under the agreement with Planet Gas Limited (Planet), Senex will earn a 50% interest in the Northern Area of PELA 514, and a 70% interest in the Southern Area.

South Australian Cooper Basin Licence PELA 514 PELA 514 is located in the northern Cooper Basin in South Australia close to existing oil and gas infrastructure. The permit area is comprised of parcels of previously relinquished exploration licences, and are on trend with the highly prospective western flank.

Planet was awarded the rights to PELA 514 in 2009, with the application currently proceeding through the Native Title process. The licence is expected to be granted by the end of 2011.

Under the executed agreement Senex is to farm-in to PELA 514 in two separate areas, and to assume Operatorship of the permit in its entirety.

PELA 514 Northern Area The Northern Area of PELA 514 adjoins Senex permits PEL 100, PEL 110 and PEL 90. The permit area includes Birkhead time structures capable of hosting Birkhead channel oil plays such as those discovered at Growler and Snatcher.

Oil discoveries in permits neighbouring PELA 514 also support the potential for hydrocarbons in the area.

Under the Farm-in Agreement, Senex has agreed to fund 100% of the cost of two wells to earn a 50% interest in the Northern Area.

Tags: Senex Energy Limited