Eneabba Gas Limited Buys Stake in Perth Basin Gas Exploration Permit

Eneabba Gas Limited has agreed to acquire stake in an exploration permit in Perth Basin in Australia.

The company announced that it has entered into a binding Heads of Agreement with Greenpower Energy Limited for an option to acquire 100% of the issued capital of Greenpower’s wholly owned subsidiary, GCC Methane Pty Ltd, which owns a 50% interest in Exploration Permit 447, located in the Perth Basin. The permit lies approximately twenty kilometres to the south-east of Eneabba’s Ocean Hill Project. 

UIL Energy Limited is the remaining 50% owner in EP 447.

ENB will pay a A$30,000 non-refundable option payment for a 45 day exclusive period in which    time    ENB    will    complete    its    due    diligence    on    the    Permit. If ENB elects to exercise its option to acquire GCC (GCC’s only asset is EP 447) it will pay A$820,000 to Greenpower for 100% of the issued capital of GCC.

The permit covers approximately 1,108 square kilometres and includes the formerly producing Waylering Gas Field.