NGE said that it is well advanced in the approval process for the well and has received the required permit from the Department of Petroleum and Energy for construction of the proposed well site.
The company is now organising required equipment and materials for the drilling program, which is expected to commence during the second quarter of 2010 and to be completed by late June 2010. NGE and ADS are now in negotiations to finalise the terms of a definitive drilling contract that will regulate the provision and use of the rig.
NGE is an Australian oil and gas exploration and production company. It holds six onshore petroleum prospecting licences (PPLs) covering more than 52,000sqkm. These PPLs contain an exploration inventory of 59 prospects and leads, which include six drillable prospects.
