Strata-X, BotsGas Ink Botswana CBM Pact
Strata-X Energy and fellow Australian explorer BotsGas have signed a joint operating agreement for the Serowe coalbed methane project in Botswana, Strata-X said on December 15.
Strata-X revised in April the heads of agreement (HoA) it earlier signed with BotsGas to farm out a stake in Serowe. On the deal's completion, Strata-X will retain 51% of the project. The joint agreement appoints BotsGas as operator effective January 1. Strata-X said this would allow the company to focus on its 100% owned natural gas and hydrogen projects in Queensland.
BotsGas must solely fund US$4.6mn of joint venture expenditures within three years. In January this year, Botswana’s department of environmental affairs approved an environmental impact assessment for Serowe.