The Sydney-based company today said 10 federal mineral leases totalling 7791 net acres have been conveyed from Lance Oil and Gas.

The new leases are near Planet’s West Esponda tenements in Townships 48 and 49 North, Ranges 79 and 80 West, Johnson County.

“These leases are not restricted to coal seam methane, but like the company’s Oriva federal project, which is currently developing a conventional oil and gas project, convey all oil and gas rights to the company,” it said.

While the primary CSM target is the Big George Seam at depths of about 600m, conventional oil and gas prospects to depths greater than 2500m are being evaluated.

“In addition to substantially adding to the CSM production capacity of the company’s West Esponda project, these new tenements further consolidate the company’s tenement position and enhance the logistics of the company’s West Esponda project development program and future production,” Planet said.

The company said completion of transfer of ownership is subject to a procedural registration process.