Annual Activity and expenditure Report for the Period: 29 June 2012 to 28 June 2013

Abstract

This report mainly documents the results and outcomes of drilling at the Glyde 1 and Glyde 1 ST1 in August 2012 and the results and interpretation of the gravity-magnetic-digital terrain airborne survey over a selected portion of the Glyde Sub-basin by Fugro in January 2013. The Glyde 1 and Glyde 1 ST1 was spud in late July-2012 to target a report of gas from the GR-9 well drilled in 1979 by Amoco. Fugro Airborne Surveys conducted a high-sensitivity aeromagnetic and FALCON Airborne Gravity Gradiometer (AGG) survey over the Glyde Sub Basin survey area. The survey was carried out between 31st December 2012 and 5th January 2013 to acquire a total of 4272 Km of data. The purpose of the survey was to define the subsurface structure hidden beneath the Cambrian Bukalara Sandstone and to help design a potential seismic or magnetotelluric survey in adverse topographic terrain over lows and highs generated from the first derivative gravity grid. A number of positive/negative anomalies and trends were picked up by the survey. A tectono-structural interpretation model of the permit area was generated incorporating the newly acquired data and various other existing data with the help of a GIS system.