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.
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.