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.”
Bombora was formed in late March with the support of Hartleys, and is led by Mr Begg, who previously served as general manager at Todd Energy and was previously managing director of Salinas Energy.
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.)
