Tellus Resources Limited provides an update on its Cooper Basin exploration activities in Petroleum Retention Licences (PRLs) 108, 109 and 110.
TLU has just executed an Agreement with its joint venture partner, Senex Energy Ltd, which has the effect of amending the prior Farmin Agreement between the parties, as follows:
1) Instead of drilling a carried well, SXY will instead fully fund the acquisition, processing and interpretation of a 3D seismic program covering approximately 42 square kilometres of the PRLs (and additional “tails” extending into neighbouring licences).
2) In return SXY will earn an additional 7% equity in the PRLs.
3) SXY intends to commence the seismic program in the first quarter of 2015. The Agreement has mechanisms to encourage the timely performance of this farm-in work.