Exploration licence EL 24914 annual report for period ending 7 September 2008

Abstract

In accordance with Section 34 of the Mining Act, an Annual Report is requiring to be submitted by the titleholder for each current Exploration Licence (EL). This second year Annual Report for EL 24914 provides a summation of activities undertaken on the permit in the past 12 months and including any results from these activities. EL 24914 was granted on 8 September 2006 for a term of six years. Tri-Star Energy Company is the sole titleholder and the operator of EL 24914. The work and expenditure program for EL 24914 during its second year required a geological and geophysical review of existing data and information towards determining the location of Permian coals within the Purni Formation and specifically, their depth, thickness, lateral extent and quality. No field activities were proposed 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 at least four seismic surveys from the 1960s that have seismic lines that occur at least in part on the tenure. The geological investigations and the literature search commenced during the reporting period has indicated that the Purni Formation and its associated coals do not crop out within the area of EL 24914, and may occur at depth in the south-eastern parts of the tenure and on to the southeast. Tri-Star has met all work and expenditure commitments for EL 24914 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.