The Darling Basin is a large onshore region located in the North-West New South Wales and contains multiple independent sedimentary sub basins prospective for conventional and unconventional hydrocarbons.
Acer Energy managing director Clint Adams said the acquisition of the Darling Basin Permits is an excellent ground floor entry point for Acer Energy and the first step in exploring the region for hydrocarbons.
"Our initial view is that whilst the Darling Basin is early stage exploration the region has all the ingredients to be prospective for oil and gas, with reasonable infrastructure support," said Adams.
"Our in-house technical team will now pursue activities aimed at uncovering or verifying the presence of a working petroleum system."
The three permits contain Palaeozoic aged Bancannia, Nelyambo and Pondie Range troughs.
The basin was explored lightly with sparse sparse seismic coverage and few petroleum wells that encourage the thermogenic gas shows and oil stains in conventional wells and shallow bores, sniffer surveys and the presence in the greater Darling Basin of outcrop rock with possible source potential.
Acer Energy will pay $300,000 to Petrel for the permits and the majority of the amount payable upon registration as PEL 471 is currently undergoing renewal.
