Challenger Deep Working on Farm-in Agreement for Cranemere Project

Mining Weekly reported that Challenger Deep Resources Corp. (TSXV:CDE) is in “advanced discussions” regarding a potential farm-in agreement for its South Africa-based Cranemere shale gas project.

As quoted in the market news:

‘We are working on a compelling partnership,’ Challenger MD Robert Willes told Mining Weekly Online on the sidelines of Paydirt’s Africa Downunder conference.

Challenger’s Cranemere project covers about 4 300 km² in the Karoo basin, which itself is estimated to host a potential 370-trillion cubic feet of technically recoverable gas. Cranemere also played neighbour to oil major Shell, which has a significant land-holding in the region, while US-based Chevron also has interests in the area.

The company’s permit application was centered around a discovery well drilled in 1968, where gas flowed to the surface from a vertical unstimulated well.

Click here to read the full Mining Weekly report.