During the quarter ended March 31, Great Artesian’s share of oil trucked to Moomba for sale to the Santos-operated South Australian Cooper Basin Producer’s facility exceeded 13,000 barrels.
PPL 212 is located within PEL 107, and is operated by Beach Petroleum, which has a 40% interest. Great Artesian and Magellan Petroleum each hold a 30% equity.
Great Artesian chairman Norman Zillman said today the company was well-poised to self-fund future activities in the basin.
“Combined with the commencement of gas sales from Smegsy-1 on March 1 2006, the string of recent gas discoveries and strong interest by farminees to fund exploration, Great Artesian is now on a solid foothold to be self-funding in its future activities in the Cooper Basin,” he said.
Zillman said considerable industry interest had been generated by the recent Udacha-1 and Middleton-1 gas discoveries in the region.
“The region is shaping up with the potential of a new gas province,” he said.
In addition to yesterday’s announcement of Energy Investment’s funding of the forthcoming Cadenza-1 well, Great Artesian anticipates accelerated exploration drilling and seismic acquisition programs will be undertaken through further farminee funding during the coming months.
