The company paid $140,000 to make up the full payment of $240,000 to farm-in the 344 acres.
The move was exercised following positive reviews of re-processed 3D seismic and other data, confirming a number of potential drilling targets.
Titan Energy managing director Stephen Thomas said the company’s detailed assessment of the 3D seismic and historic drilling data from the area has highlighted a number of locations for it to follow up with drilling.
Titan plans to begin a three well drilling program on the area in the third quarter of this year.
The prospect is also considered to be geologically similar to the Maverick Drilling & Exploration’s adjacent Blue Ridge Dome Field.
