FIRST Australian Resources has reached an agreement with JVR Petroleum Inc of Houston, Texas, to take part in the drilling of a deep gas well on an area of mutual interest comprising about 400 hectares of the Welder Range lease in South Texas.
Under the agreement, FAR will take part in drilling a 4,000-metre test of the three objectives within the formation that has been independently appraised as having probable recoverable reserves of about 39 billion cubic feet of gas and 1.4 million barrels of oil.