EP 167, 168 and 169 are located in the Beetaloo Basin southeast of Darwin, adjacent to the towns of Elliot and Katherine in the Northern Territory. The Beetaloo Basin contains thick sequences of organic-rich source rocks which have generated significant quantities of oil, condensate and natural gas.
The Beetaloo Basin was previously under explored. However, recent drilling by Operators in the basin have identified shale targets in both the middle Velkerri (Amungee Member) and Kyalla shales. Previously, many explorers considered that the Palaeoproterozoic to Mesoproterozoic (1.0 - 1.7 billion years) sequences of the McArthur and Beetaloo basins were too old to preserve hydrocarbons; however, extensive drilling and stimulations conducted by Pangaea and other Operators has proven a world class working petroleum system.
Pangaea has conducted multiple phases of exploration, including a full-tensor airborne gravity gradiometry survey, multiple 2D seismic surveys and a multi-year drilling program of seven wells which included extensive core capture.
Pangaea has a 82.5% interest in, and operates, all three of these permits.