GR351 Barney Creek EL 30494, EL 30810 and EL 31012 Report year to 19 November 2017

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 EL's 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 EL's 30494, 30810 and 31012 remain within the Barney Creek project. These EL's 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 has confirmed shallow potential within EL's 30494 and 31012, but not EL 30810. Shallow drilling is planned within EL 30494, and follow up soil and rock sampling is planned for EL 31012. EL 30810 should be surrendered.