>>> To further explore the delineated coal and carbonaceous shale deposit in ATP 862 and 864, we plan to drill eight to ten wells by March of 2012, assuming we are able to secure sufficient financing. This program will quantitatively measure original gas in place using canister desorption and core logging methods and we will commence flow testing of one or two of the wells. In addition to exploration of the coal and carbonaceous shale deposit we intend to drill two well to flow test the Winton Sandstone interval intercepted during drilling of Albilbah_CSG1 and we intend to acquire additional seismic data. We expect that in total these activities would cost $10 million. We do not have sufficient funds to complete such activities, however will require additional funding for any future exploration or appraisal work.
In ATP 865 and 866, we plan to undertake a seismic program to advance our prospects during the next 6 months assuming we are able to secure sufficient financing. We further plan to drill one conventional well, the Ravenscourt, to test the Etonvale Formation at a depth of approximately 1,700 meters (5,580 feet) downdip from the Rosebank-1 well and will be targeting a thicker carbonate section. We expect that such activities would cost $3.5 million. We do not have sufficient funds to complete such activities, however will require additional funding for any future exploration or appraisal work.
Our work program includes acquisition of seismic data and drilling of additional wells. The time to complete the acquisition of seismic data and drilling of wells depends on, among other things, the availability of personnel and equipment in Queensland. The associated costs will be determined by the depth of the wells and the amount of seismic data to be acquired.
In addition to our current permits, we are continuously investigating additional opportunities in Queensland and other parts of South-East Asia. <<<
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