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Acer Energy acquiring petroleum permits in the Darling Basin, New South Wales

Published: 10:40 13 Jun 2012 AEST

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Acer Energy (ASX: ACN) has built up a position in the onshore Darling Basin, New South Wales, after acquiring 3 exploration permits from Petrel Energy (ASX: PRL).

The Darling Basin contains multiple independent sedimentary sub basins that are considered prospective for conventional and unconventional hydrocarbons.

PEL 422, PEL 424 and PEL 471 contain the Palaeozoic aged Bancannia, Nelyambo and Pondie Range troughs.

While the area is lightly explored with sparse seismic coverage and few petroleum wells, thermogenic gas shows and oil stains have been encountered in conventional wells and shallow bores.

Acer, which will pay Petrel A$300,000 for the 100% stakes in the 3 permits, said the Darling Basin is an early stage exploration area with all the ingredients to be prospective for oil and gas.

It also contains reasonable infrastructure support.

Acer will focus on worked aimed at uncovering or verifying the presence of a working petroleum system.

 

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