[miningmx.com] – WHITE Rivers Exploration has signed a memorandum of understanding with South African firm, Windfall Energy, in which the parties will jointly explore for gas in Helibron and Kroonstad in South Africa’s Free State province.
In terms of the agreement, Windfall Energy will farm into the two assets up to a 51% stake, achieved if a production right for either asset is granted. Windfall will also win first right of refusal to procure any gas produced on normal commercial terms.
“We look forward to working with Windfall Energy to fast-track the development of the Helibron and Kroonstad gas assets at a time when alternative energy supplies in South Africa are being sought,” said White Rivers Exploration chairman, Neil Warburton.
White Rivers Exploration, a privately owned company in which Mark Creasy’s Perth-based Creasy Group has a 64% stake, recently signed an agreement with Harmony Gold to look for gold in tenements adjacent to Harmony’s Target gold mine.
