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In a statement yesterday, Drillsearch said it has committed to drilling one well in the new permit, known as ATP 823P, this year.
It said the permit covers well-known oil and gas productive zones and is located near production leases held by Mosaic Oil and other exploration companies.
In a separate statement this morning, Drillsearch announced that it has negotiated an extension to its call option with Beach Petroleum to acquire its 19.3% shareholding in Great Artesian Oil and Gas.
The option period, regarding the purchase of 29 million GOG shares, has now been extended to February 26.
Drillsearch has offered to pay $290,000 or 51c per share – almost a 100% premium to the then 26c GOG share price – but just one cent more than Beach paid for the stock back in June.
Earlier this month, Ray Saw flagged the likelihood of remaining as Great Artesian managing director if the deal went ahead.
