Rodinia Oil Corp. awarded new petroleum exploration permit applications
Rodinia Oil Corp. (Rodinia) has been awarded two new petroleum exploration permit applications (EPAs) by the State of Western Australia covering approximately 22 880 km2 (or approximately 5 654 000 acres) in Western Australia. These EPAs were issued pursuant to applications made by Rodinia on 1 March, 2010.
These two EPAs (EPA 3/09-0 and EPA 4/09-0) are located immediately north of Rodinia's current exploration acreage in Western Australia.
Undiscovered resource potential
In 1999, on what is now EPA 4/09-0, the Geological Survey of Western Australia drilled the GSWA Vines well to 2017 m total depth. A gas show was encountered on drilling at 1482 m. This well was originally sited by aeromagnetic and gravity surveys.
‘These new lands complete our land holdings over the prospective portion of the western region of the basin,’ said Rodinia's President and CEO, Paul Bennett. ‘The EPAs are located in a tectonically undisturbed region of the basin and add to Rodinia's 17.3 million acres of immense unrisked and undiscovered resource potential in the south and western Australian region.’
Rights to explore
The company has priority on this new acreage and the right to convert these EPAs into exploration permits (EPs) provided it negotiates an agreement with the local indigenous people in accordance with the Native Title Act 1993. Once converted to EPs, Rodinia will have the sole right to explore in these areas. Rodinia plans to commence the negotiations with the indigenous people in the latter part of 2010.
Rodinia has an Area of Mutual Interest Agreement with its joint venture partner, which grants their partner the right to participate for a 20% working interest in a 10 km buffer zone surrounding the joint venture's current acreage. As these new permits touch the northern border of existing lands, Rodinia's joint venture partner can elect to participate for a 20% working interest in the southern 2000 km2 (494 210 acres or 8.7% gross) of these new permits.
Read the article online at: https://www.oilfieldtechnology.com/exploration/24062010/rodinia_oil_corp_awarded_new_petroleum_exploration_permit_applications/
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