I'm looking for info on Grid's participation in So
Post# of 74
Posted On: 09/01/2013 6:26:30 PM
I'm looking for info on Grid's participation in Solimar's Kreyenhagen leases. Does this agreement describe it?
http://www.solimarenergy.com.au/documents/Res..._Final.pdf
16. Subsequent Events
http://www.solimarenergy.com.au/documents/Res..._Final.pdf
16. Subsequent Events
On 7 May the Company announced that it had signed a farmout agreement covering the Company’s
Kreyenhagen Field Heavy Oil and Shale Oil leases. Phase I of the agreement would involve the
Farminee funding up to a $2 million USD cap, the drilling of four appraisal and development wells, the
fracking of two wells and the compilation of a reservoir model, plus a $500,000 USD cash payment to
earn a 15% working interest in the 1,720 acre heavy oil project area. Both the Company and the
Farminee will then have the option to enter into Phase II. This would consist of the Farminee funding
up to a $3 million USD cap, a steam enhanced recovery pilot program and thermal modelling in the
project plus a $1 million USD cash payment to earn an additional 25% working interest in the heavy oil
leases and a 12% working interest in the Kreyenhagen Shale oil acreage.
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