VPE 0.00% 41.5¢ victoria petroleum nl

2 wells on the go - tooot tooot whoooosh

  1. 2,961 Posts.

    Sun Resources with Victoria Petroleum NL through their respective 100% owned USA subsidiaries
    consummated a farmin in April 2004 with Kestrel Energy Inc ("Kestrel") on Kestrel's 33,000 acres
    of BLM and state lease land and other assets (principally the Green Canyon and Dines pipelines
    having cumulative gas carrying capacities of 10 million cubic feet per day and a 3D seismic data
    base over half of the farm in area) to earn a collective 90% interest (subject to a 10% extra back-in
    right by Kestrel) over a period of 4 years.

    The main thrust of the Joint Venture is exploration and development of indicated large (up to 1,207
    billion cubic feet) in place CBM resources from CBM potential studies of the Upper Cretaceous and
    Early Tertiary age multi seam coals on the present leases. Acquisition of further offset Township
    sections to the immediate 47 Township sections and 7 part Township sections in the surrounding
    376,320 acre (1,505 square kilometres) Area of Mutual Interest ("AMI") by further leasing and
    farmins will grow resource potential if target and gas producibility are confirmed.
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