Petrel Sells Conventional, CSG Assets to Comet Ridge

Petrel Energy has completed the sale of its conventional and coal seam gas (CSG) interests in licences PEL’s 6, 427 and 428 located in the Surat-Bowen Basin of northern New South Wales to Comet Ridge.

Ministerial approval and registration of the licence interest transfers was granted on 10 May 2013 thereby satisfying the last remaining condition precedent and allowing the sale to close, Petrel Energy said.

Petrel has now divested all its NSW licences which has realised total gross proceeds of $1.05 million in sales of its Darling and Surat-Bowen Basin interests to Acer Energy and Comet Ridge respectively.

Funds from the latest sale will complement the recent $10.65 million capital raising and be directed towards the company’s American focus, notably the highly prospective unconventional and conventional oil project onshore Uruguay and the recently-acquired interest in the Lochend Cardium tight oil joint venture in Alberta, Canada, Petrel said.