Tellus holds a 50% interest in PEL 105 in the highly prospective Cooper Basin in South Australia, the other 50% interest is held by Senex Energy Ltd.(SXY).
Senex has a contractual obligation to drill a well in PEL 105 before June 2014.
The well will be drilled totally at Senex Energy Ltd's expense.
The 50% interest held by Tellus will reduce to 30% and Senex's interest will increase to 70% when Senex Energy drills the further well.
On 17 December 2013, Tellus announced a farmin to an exciting conventional oil play in the Sevier County Utah USA.
The Company has signed a Participation Agreement whereby it has the right to acquire an up to 83% interest in the project named Covenant Mondo Project (CMP).
CMP consists of two leases located on the well known "hingeline" overthrust structure in the Rocky Mountains. The overthrust belt has hosted a number of major oil discoveries including the massive Anschutz Ranch East fiels and the Covenant field located 4 kms away.
Tellus also has a large tenement package at Chillagoe in North Queensland including the Wandoo and Empire prospect.
In regional NSW, the Company also holds Exploration Leases prospective for Intrusive Related Gold Deposits (IRG).
The Company is also in negotiations to acquire other interests outside of Australia and in one case. in paticular, negotiations are at an advanced stage and an agreement will hopefully follow soon.
Tellus is also in negotiations to acquire the Australian and Asian rights to an exciting piece of technology which should transform the maximum that companies are able to extract from a paticular well site.
A key part of the Company's strategy is to explore and develop its oil and gas assets and maximise the value of its existing gold assets.