Kalrez has entered into an agreement to acquire a 12.5% working interest in five exploration permits from Victoria Petroleum, following on from its recent farm in to permit PEL 104 in the same area.

The company now has interests in six permits with identified leads and prospects and with drilling to commence in the short term.

Permits acquired are PEL 111, PEL 115, PEL 86, PEL 87, PEL 89 covering a total area over 15,000sqkm.

The permits are adjacent to producing fields with over 60 prospects and leads identified and 9 wells planned with five destined for PEL 115.