GFS(rel) and PCL on bed together WA gas feild hmm

GFS (rel) and PCL joint gas venture hmm

GASFIELDS LIMITED19 March 2019GASFIELDS ACQUIRES ROYALTY INTEREST IN WALYERING GAS PROJECT IN PERTH BASIN• Gasfields to acquire 1.5% wellhead royalty payable over 50% of any production from EP447 (Wellhead Royalty).• Gasfields has signed a binding Deed of Assignment of Royalty with ASX listed Green Power Energy Limited (ASX:GPP) to acquire Green Power Limited’s Wellhead Royalty, being the proportionate share of the tenement held by GCC Methane Pty Ltd. EP447 makes up the Walyering Project and is located in the Perth Basin.SummaryGasfields Limited (ASX: GFS) (Gasfields or Company) is pleased to announce that it has executed a binding Deed of Assignment of Royalty (DAR) with ASX listed Green Power Energy Limited (ASX:GPP) (Green Power) to acquire Green Power’s 1.5% wellhead royalty over 50% of any production from EP447 (Tenement), being the proportionate share of the Tenement held by GCC Methane Pty Ltd (a wholly owned subsidiary of ASX listed Strike Energy Limited (ASX:STX), via its ownership of United Energy Limited) (GCC Methane) (Royalty Acquisition).EP447 located in the Perth Basin western Australia makes up the Walyering Project is one of a number of early gas discoveries by West Australian Petroleum Pty Ltd in the early 1970’s, and has only been partly produced (Walyering Project).The Walyering Project is currently subject to a Joint Venture between ASX Listed Pancontinental Oil & Gas NL (ASX: PCL) (Pancontinental) and UIL Energy Limited (UIL)( a wholly owned subsidiary of ASX listed Strike Energy Limited (ASX:STX)). Pancontinental is currently processing an application to conduct a 90km2 3D seismic survey, which is currently subject to environmental, native title and land holder approvals (Seismic Survey).ACN 107 708 305 Gasfields Limited Level 11, 52 Phillip Street, Sydney NSW 2000 GPO Box 225, Sydney NSW 2001 Telephone: +61 2 8316 3994 Facsimile: +61 2 8316 3999 [email protected]