In PEP 169, we have re-mapped and re-processed the available 3D seismic data and identified several drillable prospects. The Amour/Lakes joint venture is preparing to drill, subject to funding, a highly prospective target called Moreys-1 in a conventional play identified from the 3D data. A second drillable target has been mapped and will be drilled early in 2012 pending successful results in Moreys-1.
In PEP 163, following evaluation of a magneto-telluric (MT) survey completed during the year and a review of existing seismic data, we have been mapping potential drillable Early Cretaceous targets along the northern and southern portion of the permit which will be drilled later in the year, subject to funding.
In PEP 166, we have drilled a corehole (Yallourn North-1A) along the northern margin of the Basin which contained a condensed vertical profile of the Early Cretaceous rocks at the base of the Gippsland Basin sediment package.
We intend to follow up with further drilling in PEP166 that will contribute to this new data obtained in the corehole as well as targeting other tight gas objectives in the Strzelecki Group. We also completed a MT survey across the permit in conjunction with Greenearth Energy Ltd during the year.
In PRL2, our joint venture with Beach Energy Limited and Somerton Energy Limited is concentrating on the PRL2 assets.
The joint venture completed a post re-frac extended flow and pressure build up test on Wombat 2 in the year. We look forward to the fracture stimulation of the tight gas sands in the Wombat 4 and Boundary Creek 2 wells early in 2012.