World Class and shareholder value accretion27 Sep 2019 12:07
Managing Director, Joe Salomon, said: "We are pleased to announce this new acquisition in the world class Cooper-Eromanga Basins. The Company has been actively reviewing the basin for more than two years. We see this transaction as taking a major step forward in the Cooper Basin. In acquiring the Paning Tight Gas Discovery, this provides the Company with operatorship and 100% ownership of this discovery and fits the Company's knowledge and experience in drilling and appraising tight gas. Equally, the robust gas pricing in Eastern Australia provide a great basis for the commercial potential for the Paning Discovery. The basin is well endowed with infrastructure providing for attractive low-cost discovery and development for Oilex.
The Company remains committed to unlocking the potential of its Cambay Project in India and delivering value to its shareholders. The Cooper-Eromanga Basins provides an opportunity for shareholder value accretion while preserving significant exposure to the significant potential at Cambay."