PGS seems to be breaking out. Company details from Westpac below.
Planet Gas Limited (PGS) is an Australian company involved in the exploration and production of Coal Bed Methane (CBM). PGS has developments within the Powder River Basin of Wyoming, USA as well as exploration projects in Kansas (USA) and five sedimentary basins in Australia.
Powder River Basin -
The Esponda project covers 5,750 hectares of the Powder River Basin in Wyoming, USA. As at October 2004, the project included the Western Gas program of 8 wells (PGS 20-25%) and the Kennedy Oil program of 12 wells (PGS diluting to a 40-50% interest) with a total Gas-In-Place resource of 21.9 Bcf (7.3 Bcf Net). The remaining acreage is 100% PGS owned and has a development potential of over 100 wells. A 33 well program is scheduled in the adjacent Oriva Project for the first half of 2005.
The Gippsland basin is a large offshore and on shore sedimentary basin situated in Victoria. PGS has a 100% interest in four exploration licences of the onshore region comprising 260,000 hectares. PGS plans to drill up to 18 test wells before reassessing the development potential of the licences.
Other PGS projects in the Otway Basin of Victoria, the Eromanga and Willochra Basin of South Australia and the Gunnedah Basin of New South Wales are in early stages of exploration.