Torrens Energy (ASX: TEY) has decided not to proceed with acquiring four offshore and onshore Carnarvon Basin petroleum exploration permits from Strike Energy (ASX: STX).
The decision was made after the company completed due diligence on the permits.
As a result, Torrens is not required to pay to Strike the $350,000 deposit or other consideration under the 18 April 2013 agreement to acquire Strike’s wholly owned subsidiary Strike Energy Western Australia.
The permits had included the Rivoli discovery is assessed to have a contingent resources of 9-15 billion cubic feet of gas.
Torrens will continue to evaluate new opportunities within the energy and resources sector while continuing to manage its existing geothermal assets at a pace appropriate for the sector as a whole.
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