PRL 2 is a retention lease in the onshore Gippsland Basin, eastern Victoria containing the Wombat tight gas accumulation, which has been estimated by Gaffney, Cline & Associates to contain a 2C Contingent Gas Resource of 329 BCF.
Somerton is earning up to a 16.7% interest in PRL 2 by participating in a program of fracture stimulation and well testing designed to prove that gas production from the Wombat Field is ecnomically viable.
Fracture stimulation of Wombat-4 and Boundary Creek-2 is planned for the first quarter of 2012.
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