PEL's 468, 469 and 470 - Mooki, Bylong and Shoalhaven Projects
Planet Gas has entered into an agreement to farm-in to 50% of three prospective NSW Petroleum Exploration Licences (PEL) - PEL's 468, 469 and 470, a total of 5,579 km2, The projects are located in the Shoalhaven and Bylong areas in the Sydney Basin, and the Mooki area of the Gunnedah Basin.
Both basins are highly prospective for Coal Bed Methane, conventional gas and & Shale Gas.
Planet Gas will earn up to 50% in each project via an agreed work program and assumed the role of Operator of the PEL's effective August 18, 2010.
In the Sydney Basin PEL's, Planet Gas will be targeting CBM resources hosted by the Illawarra Coal Measures and the Shoalhaven Groups. Such resources could potentially deliver natural gas production for electrical power generation and gas reticulation, to serve Sydney’s rapidly expanding electricity and energy demands.