Real Energy Farms Into Drillsearch Cooper-Eromanga Basin Acreage

Real Energy Corporation Limited has agreed to farm into 2 tenements blocks in the centre of the Cooper Basin in Queensland with Drillsearch Energy Limited.

The tenements cover in excess of 3,185 Sq Km and are prospective for conventional oil and gas and tight gas.

Real Energy will become operator of the tenements and plans to reprocess and acquire additional seismic in the tenements with the aim of maturing a number of drilling targets.

The deal is subject to Real Energy completing an IPO on the ASX, which is planed later in the year. Real Energy is an Australian unlisted oil and gas explorer with a focus on conventional and unconventional oil and gas resources.

With this transaction, Real Energy holds total of 6 tenements and covers an area of over 17,600 sq Km in regions regarded as highly prospective for the exploration of energy resources.

In August 2011, in a separate deal, Real Energy agreed to farm into 4 tenements blocks in the northern Cooper–Eromanga Basin in Queensland with Bow Energy Limited.

Source: Real Energy