But the company added that it has “experienced difficulties” negotiating with the Central Land Council over a cost-effective and all-weather access route into the permit to drill the two prospects, as well as conduct additional seismic studies over other prospects such as Guinevere, Vivienne and Madigan.
As a result, Central said it had sought the assistance of the Federal Minister to help resolve the matter. It expects a response shortly.
“The company is acutely aware that a large number of options issued during the initial public offering will expire on June 30, 2007 and is taking all possible steps to resolve the road access issue which was originally raised with the CLC early in 2006,” managing director John Heugh said.
In December, independent consultants RPS Energy assessed the Blamore and Avalon prospects to contain about 60 million barrels of mean recoverable oil reserves.
