EP(A) 167, 168 and 169 are located in the western McArthur and central Beetaloo Basins southeast of Darwin, adjacent to the towns of Elliot and Katherine in the Northern Territory. The McArthur and Beetaloo Basins contained thick sequences of organic rich source rocks capable of generating significant quantities of oil and natural gas.
Both of these basins are considered vastly under explored. 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, sampling work conducted by Pangaea and recent exploration in the area has proven this to be incorrect, with a number of wells recovering hydrocarbons.
Pangaea will be conducting the initial phase of our exploration program with an airborne gravity survey in early 2013 followed by 2D seismic acquisition and drilling.
Pangaea has a 100% interest in, and operates, all three of these permits.