Australia

By OGJ editors
HOUSTON, Jan. 14 – Georgina Basin Energy Pty. Ltd. will become operator of an exploration project in east-central Australia’s nonproducing Georgina basin, said Texalta Petroleum Ltd., Calgary.

GBE paid Texalta $3.25 million (Can.) as the balance of the $5 million GBE had agreed to contribute to the work program on permits 103 and 104 to earn a 50% working interest in both permits.

The Year 3 work program on both permits has been modified to allow for a further 150 line-km of seismic on each permit in lieu of the previous one well per permit drilling requirement. The seismic is required in order to provide four-way closure to the structures identified in the previous seismic program completed in June 2009.

Texalta anticipates that the new operator will be entering into a seismic services agreement for the second seismic program scheduled to commence in mid-2010.