Coal seam gas explorer, Petrel Energy, has sold its stake in three Petroleum Exploration Licences in the Gunnedah Basin to Comet Ridge, a joint venture partner with Santos.
Comet Ridge paid $750,000 for the three licences.
The licences are PEL 6, PEL 427 and PEL 428 in the northern Gunnedah Basin, which adjoin Santos' PEL 238 in the Pilliga and Leichhardt Resources' PEL 470 in the areas of Terry Hie Hie, Gurley and Bellata.
They cover a total area of 18,000 square kilometres.
Petrel's CEO, Russell Langusch, says his company is now expanding into overseas gas markets.
"We have divested of those PELs because our company is refocussing to the United States, where we have a shale gas project," he said.
Comet Ridge Managing Director, Tor McCaul, says Comet is now waiting for the New South Wales government to carry out its due diligence on the planned purchase.
It's anticipated approval will be granted in four to six weeks.
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ABC News
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