Tellus Resources (ASX:TLU) and Senex Energy (ASX:SXY) have agreed to shoot additional 3D seismic on their Cooper Basin permits in South Australia rather than drill a well as previously agreed.
Along with the 50 square kilometres and 3D seismic reprocessing, there is potential to complete and production test the Pirie-1 exploration well that was previously cased and suspended.
Both parties are planning to move forward as quickly as possible, allowing the seismic to be tied in with a survey by Senex that is commencing in late 2014 or early 2015.
Following completion of the work, Tellus will have an interest of 30% in PRL 108, 109 and 110 while Senex holds the remaining 70%.
The permits are located in the heart of the Cooper Basin and are surrounded by extensive oil and gas production as well as commercial activity.
They have large wet gas potential as well as unconventional deep coal prospectivity.
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