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At the root of the matter is the firm’s JV with Queensland Gas Co Ltd in three Surat Basin tenements (ATP610P, ATP620P and ATP648P) with “substantial coal seam methane resources” – the Argyle Project, a northern NSW tenement with “prospective for both CSM (Coal Seam Methane) and conventional oil and gas plays” (PEL437) and the future direction of Pangaea itself.
In a statement Pangaea said, “The Argyle Project will require approximately $50million to bring it into full commercial production to service this contract [and] Pangaea’s share of this development is $20 million or less depend ing on how the joint venture finally decides to fund the overall development.”
“Pangaea has [also] been active in developing alliances with US oil and gas companies that will give Pangaea a competitive advantage in exploration and development of hydrocarbon resources including coal seam methane.
“Our corporate aim is to build Pangaea as an energy company rather than being solely CSM focused,” it added.
