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L&M ENERGY LTD - ASX: LME
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Description
L&M Petroleum Ltd holds 100% of three exploration permits in and off the southern coast of western Southland, New Zealand. In addition, L&M Petroleum holds 50% of another onshore permit, PEP 38226 (Waiau), along with joint venture partner Mighty River Power. L&M's permits contain an area of 6,351 square kilometres and conver virtually the entire Western Southland Basin. The Company is continuing to seek business partners for a number of its other wholly owned Permits and the Company believes there is strong potential for further farm-in agreements to be executed in the short to medium term.
L&M Petroleum’s exploration activities to date have identified a number of prospects and leads within its Western Southland Basin permit areas. Three of these prospects, located in PEP 38226 (Waiau), namely Sharpridge Creek, Eastern Bush and Dean, were the subject of exploration drilling in 2007. A 64 km 2D onshore seismic programme was undertaken over the Company's Waiau and Te Anau Basin permits in late 2007 in advance of the next phase of drilling activity planned in those permits, scheduled to begin mid-2008.
The Company has recently completed a farmin arrangement whereby by funding a portion of the cost to drill the upcoming Fireball Creek #1 well located in the onshore PEP 38521 (West Coast)) permit of the Westland Basin of the South Island of New Zealand, the Company will earn 32.5% equity in the permit and become Operator for the PEP 38521 (West Coast) Joint Venture. The Company will also earn an option to increase its equity to 48.75% by funding a portion of future exploration activity in the permit.
Overall, the Company is planning to drill up to five onshore wells during calendar year 2008.
Drilling of wells in Solander, Blackmount and Waitutu Permits is subject to the Company raising additional funds or entering into a Farmout Agreement for one or more of those permits with a suitable joint venture partner or partners.
The Company also plans to undertake various geological & geophysical exploration activities in its other permits and will continue to seek out new exploration opportunities both in New Zealand and abroad.
Mine For
coal seam gas, oil, gas
Location of operation(s)
New Zealand
Address
Level 9, St John House, 114 The Terrace
WELLINGTON, , NEW ZEALAND
Phone
(64 4) 473 0415
Website
Last Updated
11/03/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.