In 2006 Great Artesian Oil and Gas Ltd granted Red Sky Energy (ASX:ROG) a non-exclusive right to acquire geochemical data over specific portions of PEL’s 106 & 91, with a view to identifying future drilling prospects.
Red Sky Energy Ltd successfully listed on the ASX on 23 May 2007, raising $6m in the process. The company utilises a risk-reducing airborne geochemical survey technology, which it believes enhances its prospect targeting capabilities. It has the first option, and right to use that technology, for an 18 month period in Australia.
This proprietary airborne geochemical data was acquired 2006 and subsequently, Red Sky Energy has announced plans to partially fund a well in PEL 106 and has the option of funding 2 wells within a defined area of PEL 91.
About Airborne Geochemical Surveys
The basic principles of hydrocarbon microseep geochemistry are that hydrocarbon molecules escape from pressurised accumulations in the subsurface through micro-fractures in the cap rock or seal and then migrate rapidly and vertically to the surface. Acquisition of this data is traditionally done via ground sampling; a process where interstitial air temporally trapped in sand and soil near the surface is sampled. The technology used by Red Sky Energy measures these same trace amounts of hydrocarbons after they have migrated into the atmosphere. Special air capture and geochemical sensing equipment is mounted on a low flying (100m ground elevation) aircraft, and analysed virtually instantly. A reading or analysis is completed every second, or approximately every 80m along the ground at the normal speed of the aircraft (250-300km/h). This technology can be used both on- and offshore.