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PLANET GAS LIMITED - ASX: PGS
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Description
Planet Gas is an Australian Stock Exchange listed (ASX:PGS) energy company with interests in conventional oil and gas resources, coal bed methane (CBM), and geothermal energy.
Well capitalised, having recently attracted the strategic investment backing of the senior Australian energy sector company, New Hope Corporation Limited, Planet Gas current projects include:
* PELA 514 in the Cooper Basin
* Farm-in to PEL 468, 469, and 470 in the Sydney and Gunnedah Basins
* Innot geothermal tenement, near Cairns in Queensland
* Three geothermal tenements in the Sydney Basin, New South Wales
* Two geothermal tenements in South Australia
Planet Gas has refocused its near term Energy Objectives, working to monetise its CBM and conventional oil and gas portfolio, and is currently actively seeking new projects that will enhance shareholder value.
PELA 514 - Cooper Basin
Planet Gas was successful in its bid for PELA 514, a large exploration permit in the north-eastern Cooper Basin of South Australia, in December 2009. The area of the block is c.1,916 km². The Cooper Basin is a proven hydrocarbon province, and there are two undeveloped oil discoveries and one undeveloped gas discovery on the block, which is located close to existing oil and gas infrastructure. Recent industry attention has been focused on coal seam gas and tight gas, adding a new unconventional dimension to the exploration potential of the Basin. Planet Gas has secured entry to this new frontier with a diverse play portfolio. PELA 514 is currently under Native Title process.
PEL's 468, 469 and 470 - Mooki, Bylong and Shoalhaven Projects
Planet Gas has entered into an agreement to farm-in to 50% of three prospective NSW Petroleum Exploration Licences (PEL) - PEL's 468, 469 and 470, a total of 5,579 km2, The projects are located in the Shoalhaven and Bylong areas in the Sydney Basin, and the Mooki area of the Gunnedah Basin. Both basins are highly prospective for Coal Bed Methane, conventional gas and & Shale Gas. Planet Gas will earn up to 50% in each project via an agreed work program and assumed the role of Operator of the PEL's effective August 18, 2010. In the Sydney Basin PEL's, Planet Gas will be targeting CBM resources hosted by the Illawarra Coal Measures and the Shoalhaven Groups. Such resources could potentially deliver natural gas production for electrical power generation and gas reticulation, to serve Sydney’s rapidly expanding electricity and energy demands.
EPG 29 - Innot Project
The licence, covering 596 km2, is 100 kilometres from Cairns and 250 kilometres from Townsville, in northern Queensland and is located only ten kilometres from the 275 kV power lines of the main east coast power grid. The Innot Geothermal project is distinct from most other geothermal projects in Australia, with a known geothermal spring system expressed at surface. Surface spring temperatures reach 73.7°C - the hottest measured natural surface-level spring water temperatures in Australia. Standard temperature calculation techniques based on the spring water chemistry predict geothermal fluid temperatures at depth in the range 144°C to 165°C. This is well within the temperature window for commercial power generation from off-the-shelf geothermal power plant technologies.
GEL's 448-461 - Leigh Creek Project
The licence covers an area of 6,590 km2 and lies at the head of the National Electricity Market power lines that connect the Leigh Creek coal mine to Adelaide and Port Augusta. The proposed development route for new 275 kV NEM power lines connecting the geothermal projects of the Cooper Basin to BHP Billiton's Olympic Dam mine, pass through the permit. The Leigh Creek project is located within the South Australian Heat Flow Anomaly, a highly prospective region for geothermal resources, where average crustal heat flow is almost double that seen in other parts of the world. The region has already yielded a cluster of inferred geothermal resources totalling almost 1.5 million petajoules. This constitutes the largest cluster of geothermal resources defined within Australia to date.
GEL 354-365, 377 - Eromanga Project
The permit(s) cover 6,101 km2 of prospective ground in Australia's Cooper/Eromanga geothermal province and is located north of Geodynamics' Habanero Project (239,400PJ), and the Tirrawarra Project (41,000PJ), and ten kilometres south of Australia's only operating hot sedimentary aquifer (HSA) geothermal power plant at Birdsville. The permit(s) cover two large gravity lows identified as buried granite bodies. The granites are overlain by a thick sequence of sediments which include high flow rate hot sedimentary aquifers of the Cadna-owie and Hutton sandstones. Average geothermal gradients from petroleum and geothermal wells proximal to the permits are amongst the highest recorded in Australia.
EL 7350 - Gloucester Project
The permit covers 1,231 km2 and is located 60 kilometres northwest of Newcastle, the second largest population centre in NSW. High voltage National Electricity Market power lines pass directly through the permit. The Gloucester basin consists of a thick sedimentary sequence with thermal insulating coal horizons and potential aquifer units overlying a discrete gravity low interpreted to represent a buried, heat-producing granite. Initial temperature modelling indicates average geothermal gradients in the basin are in the order of 50°C/km.
EL's 7510, 7512, 7513 - Sydney Basin Project
The Licences cover approximately 5,077 km2 of prospective ground in the Camden, Richmond and Ourimbah areas. Hot sedimentary aquifer (HSA) geothermal resources are potentially hosted by the Illawarra Coal Measures and the Shoalhaven Group in these licence areas. Such resources could potentially deliver zero carbon emission electrical power generation and industrial heating to serve Sydney’s rapidly expanding demand.
EL 7146 - Clarence Moreton Project
The Licence covers 1,938 km2 and is centred on the rapidly growing Northern Rivers towns of Casino and Lismore. It is 65 kilometres southeast of the Gold Coast and 130 kilometres from the large electricity market of Brisbane. The licence area encompasses a large portion of the Clarence Moreton sedimentary basin that hosts thick, thermally insulating sequences of coal and naturally permeable aquifers. Primary National Electricity Market electricity transmission lines also pass through the Clarence Moreton licence area.
Mine For
coal bed methane, oil, gas, geothermal
Location of operation(s)
South Australia, New South Wales, Queensland
Australian Basins
Sydney, Clarence-Moreton
Address
Level 2, 66 Hunter St
SYDNEY, NSW, AUSTRALIA
Phone
(61 2) 9300 3322
Website
Last Updated
21/02/2010
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.
