(MENAFN- ProactiveInvestors - Australia) Ambassador Oil and Gas (ASX: AQO) will focus on its wholly-owned PEL 570 in the Cooper Basin, which has in-place unconventional potential of up to 20 trillion cubic feet of gas.
This comes after the company terminated its farm in to Senex Energy's (ASX: SXY) PEL 113 Zulu Block.
Ambassador had previously sought to earn a 50% in the block by acquiring seismic and drilling one well.
The unconventional resource at PEL 570 is believed to be located within deep dry coal seams, tight reservoirs and shale sections.
Santos (ASX: STO) has already highlighted the Cooper Basin's ability to produce shale and unconventional gas with its Moomba-191 well, which flowed 2.6 million cubic feet a day.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.