Exploration licence EL 24899 annual report for period ending 9 August 2008

Abstract

EL 24899 was granted on 10 August 2006 for a term of six years. Tri-Star Energy Company is the sole titleholder and the operator of EL 24899. The work and expenditure program for EL 24899 during its second year required a geological and geophysical review of existing data and information review towards determining the location of Permian coals within the Purni Formation and specifically, their depth, thickness, lateral extent and quality. No field activities were intended during the second year and none were carried out. Tri-Star commenced the review of existing data for the permit area and the Pedirka Basin in general to identify existing seismic, well and bore data, geology, cadastral information and topography. It has been determined from investigations during the reporting period that there are no existing seismic data on the permit to allow the mapping of the Permian coal seams. The geological review commenced and the literature search conducted during the reporting period has confirmed that the Purni Formation and its associated coals do not crop out within the area of EL 24899, and probably do not occur at depth. Tri-Star has met all work and expenditure commitments for EL 24899 for the second year of the term, further work will be required to determine definitely the presence or absence of the Permian coals and the third year of the term will focus on addressing these issues with the acquisition of seismic and drill data.