Coastal Oil & Gas Pty Ltd has acquired 100% interest in exploration blocks TP/27, EP 475, EP 490 & EP 491 from a Skye Energy Ventures subsidiary company Tanami Energy Pty Ltd. The deal was completed on 27 September 2019 for the consideration of approximately AUD 1.2 million and gives new player Coastal Oil and Gas full control of the 'Cerberus' blocks, located in the Enderby Terrace and Peedamullah Shelf, North Carnarvon Basin.  EP 475, EP 490 and EP 491 cover areas of 651 sq km, 1,405 sq km and 1,441 sq km respectively, and TP/27 covers 335 sq km. All four permits are now held 100% by Coastal Oil & Gas. Tanami Energy had picked up the acreage from Carnarvon Petroleum in 2018 after the company was searching for a farm-in partner in return for funding exploration activities. The new operator is also seeking a farm-in partner as it looks to complete the remaining work programmes and prove up existing and new prospects.  Under the remaining work commitments, an ambitious seven exploration wells are required before the permits expire. EP 475 was awarded in 2011 and is due to expire on 27 May 2021. EP 490 & 491, and TP/27 were awarded in 2014 and are due to expire on 27 May 2023. For the latter permits, Carnarvon Petroleum had been granted several suspensions to provide additional time in the permits to find a farm-in partner. As of May 2018, the wells were contingent upon Carnarvon entering the fourth term of the permits prior to undertaking the drilling programmes. The fourth term commenced on 28 May 2020.   The areas have significant 2D and 3D seismic data coverage and are located in shallow water depths, of around 50 m. Primary target depths range from 1,000 to 2,000 m, comprising multiple play types, including a Jurassic play and an evolving play in the Permian and Triassic, which was proven following success in the Roebuck Basin at Phoenix South, Roc and Dorado.   Coastal Oil & Gas Pty Ltd acquired four exploration permits from Tanami Energy Pty Ltd on 27 September 2019, which cover around 3,200 sq km in the North Carnarvon Basin. Coastal Oil & Gas now hold 100% interest in TP/27, EP 475, EP 490 & EP 491.
Coastal Oil & Gas Pty Ltd has acquired 100% interest in exploration blocks TP/27, EP 475, EP 490 & EP 491 from a Skye Energy Ventures subsidiary company Tanami Energy Pty Ltd.