Enterprise said PIRSA approved the assignment of permit interests from Cooper Energy, Sundance Energy Australia and Liberty Petroleum, and renewed the licence for five years.
Enterprise and VicPet now have a 50% stake in PEL 88 respectively, with VicPet as operator.
The renewal involves a work program of geological and geophysical studies and the drilling of one well.
According to Enterprise executive chairman Ray Shaw, the acquisition of the interest was particularly strategic for the company as it has other interests in the region, including ATP 549 and ATP 539 in the adjoining southwest Queensland portion of the Cooper Basin.
"The recent discovery at Cuisinier by VicPet and its co-venturers Santos and Avery, west of the Cook oil field, again highlighted that the western flank of the Cooper Basin has untapped potential for further oil discoveries," he said.
"Moreover, the proposed development drilling in August 2008 in the James oil field production licence (encompassed by PEL 88) by the Santos-led joint venture, specifically highlights the oil potential of PEL 88."
