Aberdeen based Warrego Energy has taken the next steps in their ambitious growth strategy by acquiring Australia’s Petrel Energy.
The acquisition of Petrel Energy by reverse takeover will see Warrego acquire 77% of the enlarged organisation creating 25 jobs and pick up additional oil and gas real estate in West Australia, Southern Spain and Uruguay.
Dennis Donald, Warrego Energy Managing Director: “Things are really starting to move for Warrego. The acquisition of Petrel which we are aiming to complete in early March and a planned AIM listing later in 2019 will give us access to stock market investors keen to exploit the massive potential of the Perth Basin and beyond.”
In addition, recent seismic reprocessing of Western Australian asset West Erregulla has confirmed an increased pre-drill estimate of gas in place to the point where it is now one of the largest pre-drill conventional onshore prospects in Australia. The un-risked total prospective resource estimate is 1.16 TCF (best), with a prospective gross play range of 761 BCF (low) to 1.67 TCF (high).
Dennis Donald continued “The fantastic news about the revised resource estimates comes just as our partners in West Erregulla, Strike Energy have signed a contract to secure one of the biggest and most powerful rigs in Australia to drill our first exploration well in May.
“To put this into perspective, EP469 is potentially larger than Total’s recent West of Shetland discovery, Glendronach (1 TCF), onshore and somewhat easier to extract conventional gas. We are 16km from former Australian independent AWE’s
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