Local petroleum executive John Begg is planning to list his recently formed private company, Bombora Natural Energy, after striking a deal to farm-in to UIL Energy’s Perth Basin tenement.
Bombora will pay up to $2.5 million to gain a 70 per cent holding in Queensland company UIL’s Walyering project area, with the company to gain access to about a quarter of UIL’s entire EP447 permit area in the Perth Basin.
The funds provided by Bombora will pay for the cost of the preparation, acquisition, processing and interpretation of a farm-in 3D seismis survey.
Costs over Bombora’s commitment will be shared pro rata between the two companies.
“We are pleased that one of Bombora’s foundation projects will be in collaboration with a like-minded company in UIL and is in my ‘old stomping ground’, the Perth Basin,” Mr Begg said.
“Our farm-in is focused on the southern portion of EP447 covering the historical Walyering gas field, which fits our business model and offers a potential fast-track to gas production.”
Mr Begg plans to list Bombora on the ASX in the near-future. A time frame for the listing was not disclosed.
The company is also focusing on building a portfolio of assets in the Sacramento Basin in California.
(Bombora Natural Energy is not connected to Perth-based wave energy company Bombora Wave Power.)