Real Energy Corporation Limited announced that the Queensland Government has officially granted title to Project Venus permit ATP2051. Project Venus is a 50:50 Joint Venture between Real Energy and Strata X Energy Limited ("SXA") which now holds high quality and very prospective acreage covering 154km square within the main Walloon Coal Seam Gas Fairway. The permit is close to gas infrastructure including pipelines that have scope for more capacity.

An independent review of the data for Project Venus has determined the Recoverable Prospective Gas Resources of 694Pj - Best Estimate for 100%. Given the location of Project Venus permit, being immediately adjacent to gas infrastructure, the JV is aiming to expedite the progressive conversion of prospective gas resources to gas reserves with the goal being to fast-track development of the project thereby potentially achieving early cash flows. The JV will adopt a low cost approach to prove up gas reserves.

There are several previously drilled wells located within and around ATP2051. One such well was Connor 1, which was cased and under-reamed but never properly flow tested. The Company is looking to re-enter, reservoir enhance and flow test the Juandah coals in Connor-1. This low-cost re-entry flow test program is designed to prove sufficient water flows to allow efficient dewatering and early gas flows from the fully gas saturated Juandah coal seams. The timing of the re-entry of Connor-1 will be announced upon entering agreements for the work with contractors.