Mitsubishi Corp, through wholly owned subsidiary Diamond Resources Pty Ltd is offering a farm-in opportunity in exploration permit EP 371, located in the Canning Basin.  Mitsubishi reports that it is offering significant equity and potential operatorship.Â  Mitsubishi holds its 100% interest in the licence after completing an asset swap agreement, with Buru Energy Ltd, in January 2018.Â  Under the terms of the deal Diamond Resources acquired Buruâs 50% interest and operatorship in the EP 371 permit. Diamond Resources gained full access to the associated gas resources, facilitating a timely appraisal and commercialisation of the resources. In return, Buru acquired Diamond Resourcesâ 50% interest in the conventional fields located in L 20, L21 and EP 391, EP 431, EP 436 and EP 428. The deal was completed to allow the companies to focus on areas in which they hold most expertise and have the ability to maximize the exploration potential and production from the assets.   EP 371 contains the oil discovery Crimson Lake, made in 1988, and also shale gas fields Valhalla, Valhalla North and Asgard, which were made between 2011 and 2012.Â  Mitsubishi plans to develop and commercialise the resources. Possible options for development include producing gas for the domestic market, utilizing existing infrastructure, or tying into the LNG facilities available.  It is thought further operations on the wells in the permit will be undertaken, with flow tests and production tests on the gas resources.  EP 371, which covers an area of 3,675 sq km, was awarded on 18 March 1993. Mitsubishi Corp holds 100% interest through subsidiaries Diamond Resources (Canning) Pty Ltd (50% + Operator) and Diamond Resources (Fitzroy) Pty Ltd (50%).  Companies interested in pursuing this opportunity should contact:  Taisei FurukawaÂ Â Â Â Â Â Â Â  email: taisei.furukawa@mcra.com.au  Jeff FelthamÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â  email: jeff.feltham@mcra.com.au
Mitsubishi Corp, through wholly owned subsidiary Diamond Resources Pty Ltd is offering a farm-in opportunity in exploration permit EP 371, located in the Canning Basin. Mitsubishi reports that it is offering significant equity and potential operatorship.  