Real Energy Sells Queensland Permit
Sydney-listed gas explorer Real Energy has signed a term sheet with Venator to sell its non-core interest in ATP1194 located in Queensland for A$225,000 (US$160,800) in cash, it said on September 9. The deal includes a A$25,000 non-refundable deposit and a 1.5% royalty on future gross sales.
The transfer is subject to customary conditions including due diligence and government approval. Real Energy said it was retaining its interests in its main Windorah and Project Venus gas projects. No field work has been completed on ATP1194.
“We are pleased to be executing this term sheet as it allows us rationalise our Cooper Basin acreage to our preferred area of interest, and we can direct greater investment to the Project Venus in the Surat Basin which holds lots of near-term upside,” Real managing director Scott Brown said. “As well, we are pursuing a number of initiatives through our 100% owned Pure Hydrogen Corporation. We have a great deal of optionality across the asset base.”
ATP 1194PA spans 1,043 km2 of Queensland's Cooper-Eromanga basin.