Rouge Rock has acquired 45% participating interest in Melbana Energy’s AC/P50 and AC/P51 exploration permits located in the Vulcan sub-basin off the North West coast of Australia.
Melbana said it granted the option to Rouge Rock in exchange for a free carry for Melbana on the costs of the committed work program for the 2016-18 primary term of each of the exploration permits.
The work program includes undertaking 3D seismic broadband reprocessing, merging of the Zeppelin and Onnia 3D seismic data and interpretation and mapping of the reprocessed seismic data and a suite of additional technical work, including prestack depth migration of the merged seismic data sets. The indicative value of the reprocessing work undertaken by Rouge Rock is approximately AU$1.15 million.
Melbana CEO Peter Stickland said, “Rouge Rock has undertaken a substantial seismic reprocessing study, valued at over $1 million, through which Melbana has been free carried. The reprocessing has significantly improved the data quality in an area with historically poor data quality.
"The exercise of the options by Rouge Rock is a demonstration of the prospectivity in AC/P50 and AC/P51 and Melbana looks forward to working with Rouge Rock as we move forward to mature the identified prospects. The action Melbana has taken with AC/P0 and AC/P51 is consistent with its strategy of advancing the Company’s offshore permits at minimal cost while focusing on its world-class exploration opportunity in Cuba," he added.
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