ExxonMobil Farm-in Agreement

abarrelfullabarrelfull wrote on 06 Jun 2012 12:43
Tags: australia exxon ignite upstream

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Ignite Energy Resources Limited ('IER') is pleased to announce that it has signed an agreement with Esso Ventures Pty Ltd ('ExxonMobil'), an affiliate of ExxonMobil Australia Pty Ltd, for ExxonMobil to take an initial 10% beneficial interest in Exploration Licence 4416 ('EL 4416'), currently held 100% by IER. EL 4416 is IER's exploration licence, located in the Gippsland Basin of southeast Victoria, that is prospective for 'biogenic' coal seam gas ('CSG').

The Agreement With ExxonMobil

During 2012 and 2013, IER (as operator) will be working closely with ExxonMobil to evaluate and assess the natural gas potential within EL 4416. This will require a small scale, low impact exploration and investigation program to identify whether any gas resources exist within EL 4416, and assess whether they can be safely and commercially produced.

The initial assessment of the gas resources within EL 4416 is expected to take a few months and will be completed using existing geological data. In the following 12-18 months we will work to gather five to seven core samples and test the characteristics of the coal. IER will need to extensively evaluate and assess these results before deciding whether to proceed with any further exploration or field activity.

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