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Esso Ventures Pty Ltd., an affiliate of ExxonMobil Australia Pty Ltd., has signed an agreement to take an initial 10% beneficial interest in Exploration License 4416, currently held 100% by Ignite Energy Resources Ltd. (IER). The license is onshore the Gippsland Basin of southeast Victoria, Australia.
Over the next 12-18 months, ExxonMobil and IER will work together to evaluate and assess the natural gas potential in the deeper coal seams of the license and determine whether it can be commercially produced.
IER will be the operator for the preliminary assessment phase.