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Emerald told the market on Friday that it had expanded its strategic tenement holding in the Canning Basin with the successful applications for EPL07-6 and T 07-1, which covers the Lacepede Islands.
The company said it would now start native title negotiations over the blocks for which it is the 100% owner.
“The award of these tenements further consolidates Emerald’s strategic holdings along the structurally significant Pinnacle Fault zone and its projection offshore,” Emerald said.
The Pinnacle Fault is a key structural element between the Fitzroy Sub-Basin and the Lennard Shelf.
It is believed to be the conduit for oil and gas migration from the Fitzroy Sub-Basin into structural and stratigraphical traps on the adjacent Lennard Shelf to the north.
“In view of the successful discovery of Devonian ‘reefal’ reservoir rocks in the Stokes Bay-1 well at EP104-R1, which is to be further tested in April 2008, Emerald believes there is significant potential to discover several similar prospects along the western extension of the Pinnacle Fault,” the company said.
