Tellus Resources (ASX:TLU) has changed its name to Crestal Petroleum with effect from today, reflecting its focus on oil and gas exploration and development.
The company’s ASX code will also change from TLU to CRX with effect from the commencement of trade on 19 February 2015.
It has also sold part of its hard rock tenement portfolio in Chillagoe, Queensland to a private Brisbane based company, Wandoo Tenements Pty Ltd, for $200,000 with a further $50,000 subject to the impending renewal of the Golden Girl tenement.
The company has a 50% working interest in PRL 108, 109 and 110 retention licences in the Cooper Basin, South Australia.
In the December quarter 2014, it executed an agreement with operator Senex Energy (ASX:SXY).
Under the agreement, Senex will fully fund the acquisition, processing and interpretation of a 3D seismic program covering 42 square kilometres of the PRLs.
In return, it will earn an additional 7% equity in the PRLs.
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