Enterprise Energy Limited has a sound base from which to build. The Company’s key attributes comprise a modest, but strategic petroleum tenement position in the Cooper Basin, including PEL 100 in which it recently participated in the Cleansweep-1 oil discovery. The Company has interests in the Smegsy, Udacha, Rossco and Paprika gas/condensate discoveries in and around PEL 106 in the South Australian Cooper Basin. Whilst these are currently shut in and awaiting further testing or development proposals, some of these will offer modest future revenue potential. Importantly, Enterprise together with the operator of PEL 106 (Great Artesian Oil and Gas Limited) in the Smegsy Joint Venture is the only group to as yet negotiate to produce and sell gas to the Santos operated South Australian Cooper Basin Producers, via their facilities at Moomba.
Enterprise is looking to expand its acreage position, especially in the relatively low risk more mature portions of the Cooper Basin where its management has acquired a reputation for expertise in prospect and oil and gas play development.
Enterprise has recently acquired the rights to farm into three coal tenements in the Bowen Basin. EPC’s 892, 1131 and ECPA 1204. Under the terms of the agreement Enterprise will earn a 25% interest in these areas with an option to acquire a further 20% in each. The principal targets in all three areas are contained within the late Permian Rangal Coal Measures. Anticlinal regions within these areas will be initially assessed, for their potential as underground coal mining projects. The coals are low in sulphur and range in rank from steaming to semi-coking coal.