Bennett Resources, a wholly owned subsidiary of Black Mountain Exploration, acquired 100% interest and operatorship in EP 371, located in the Canning Basin, in late 2019. Bennett Resources acquired the interest from previous holder Mitsubishi.  Initially a name change was reported and registered, in October 2019, from Mitsubishi subsidiary Diamond Resources to Bennett Resources. This has now been reported to be an interest change, with the Black Mountain subsidiary taking full interest.  The permit was awarded in March 1993 and is currently scheduled to expire, or be renewed, on 20 July 2023. Two wells are outlined under the work programme until the expiry date.  Eight wells have already been drilled during the permit's validity, including the Asgard, Valhalla 2 and Valhalla North tight gas discovery wells.   Mitsubishi acquired its 100% interest in the licence after completing an asset swap agreement, with Buru Energy Ltd, in January 2018. 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.   As well as the Asgard, Valhalla 2 and Valhalla North tight gas discoveries, EP 371 also contains the oil discovery Crimson Lake, made in 1988. Possible options for development include producing gas for the domestic market, utilizing existing infrastructure, or tying into the LNG facilities available. Black Mountain has submitted environmental plans for downhole well operations, possibly involving workovers of the existing wells.  EP 371, which covers an area of 3,675 sq km, was awarded on 18 March 1993. Black Mountain Resources now holds 100% interest through subsidiary Bennett Resources Ltd.
Bennett Resources, a wholly owned subsidiary of Black Mountain Exploration, acquired 100% in EP 371 from Mitsubishi.