Partial Relinquishment Report for the period ending 18 February 2019 EL 30494

Abstract

Ripple Resources is a fully owned subsidiary of Armour Energy Ltd. Armour has been exploring the gas and oil resources of the McArthur Basin, and has made a significant gas discovery in the Glyde sub basin. Ripple had selected Exploration Licences within areas inside the Armour Energy permits, and has been cooperating with Armour in order to evaluate these ELs for their base metal potential. The NT government announced an effective moratorium on hydrocarbon exploration until their new policy on reservoir stimulation had been implemented. As Ripple work was designed as a basin wide petroleum style evaluation under cover, much of the expenditure was to be shared with Armour. The moratorium along with earlier long running disputes following a takeover attempt stymied Ripples exploration work. Most of Ripples Exploration Licences have been surrendered during 2017, and only ELs 30494 and 31012 remain within the Barney Creek project. These ELs were retained because of the potential for shallower mineralisation, not requiring the style of program originally planned by Ripple. A reassessment carried out during the year 2017 has confirmed shallow potential within ELs 30494 and 31012. Shallow drilling is planned within EL 30494, and follow up soil and rock sampling is planned for EL 31012. In February 2019, 62 blocks were offered for relinquishment. 62 blocks remain. Ripple Resources is currently being restructured. It is hoped an exploration program can finally get underway in 2019.