The Perth-based junior yesterday said the nine wells, which currently average 2.4 billion cubic feet per day, have produced more than 933Bcf during the last two years of production.

Advance said that in the short term, it plans to raise daily production at the wells to 4.2Bcfd by drilling three proved undeveloped offset wells as well as reworking existing ones.

Current cash flow from the wells is in excess of $US350,000 ($A470,481) per month.

The $9.76 million acquisition also includes about 1000 gross acres of deep rights to Barnett Shale, the United States’ largest onshore gas field, which will be classified as possible reserves.

Advance said finalisation of the sale is subject to a mutually agreed upon purchase and sale agreement.