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Pangaea Resources - Coal Seam Gas


The coal seam gas PEL Petroleum Exploration License over the Manning Valley NSW is owned by private company Pangaea Resources - in turn owned by one man, Paul Geoffrey Fudge (born 1951).

According to his BRW Rich List profile, Paul Fudge is the 66th wealthiest person in Australia. His net worth was $685 million in 2013, down from 2012's $690 million valuation. He started his business career owning Home Yardage textiles.

In the mid-1990s Fudge saw the developing coal seam gas sector in the USA and founded a private company Pangaea Resources in 1997, securing coal seam gas tenements in Queensland.

"I could see a dynamic, a real opportunity to participate in a new industry that is changing the face of Queensland, if not the east coast of Australia," Fudge said in 2009.

Pangaea Resources
Belbay Investments Pty Ltd

Level 50, 1 Farrer Place
Governor Phillip Tower
Sydney NSW 2000
Phone +61 2 9017 9600
Fax +61 2 9017 9699
Belbay Investments Pty Ltd

The publicity shy Paul Geoffrey Fudge

In 2006, Pangaea sold one tenement south of Chinchilla in the Surat Basin to Origin Energy for $70 million which Fudge used to develop his other businesses. He then sold ATP 788P to Origin in 2009 for $660 million.

"Origin has strong credentials and has demonstrated leadership in the development of CSG (coal-seam gas) assets. The transaction builds on our pre-existing relationships with Origin and we look forward to working with them in the future," Panagea's statement said.

Established in 2010, Belbay Investments was listed twice in the Top 20 Shareholders of Origin in 2011, but by 2013 was no longer mentioned.
No.11 BELBAY INVESTMENTS PTY LTD 60,000 shares .67% of Origin
No.17 BELBAY INVESTMENTS PTY LTD 40,000 shares .44% of Origin

Paul Fudge buys into AJ Lucas

In July 2013 Fudge was the underwriter on the $149 million capital raising by AJ Lucas. Fudge's private company Belbay Investments now owns 9.9% of AJ Lucas.

Between 20 May and 15 July 2013, Belbay accumulating shares in AJ Lucas, paying a total of A$28.4 million for the stake, an average share price of A$1.06 ... as at 9 December the share price was $0.89

Fudge is the sole shareholder and director of Belbay Investments.

Mr. Fudge’s investment comes after AJ Lucas and their associate Cuadrilla Resources Holdings Ltd. sold a 25% stake in the Bowland shale formation to the U.K.’s largest energy retailer Centrica for £40 million.

 AJ Lucas owns 44% of Cuadrilla, which has retained a 56.25% stake in the Bowland shale asset. AJ Lucas also provides drilling and construction services, directly owns an 18.75% stake in the asset.

Belbay Investments Pty Ltd ACN 144 560 163
Paul Fudge, Sole shareholder and director
Class: Limited by shares
Sub class: Superannuation Trustee Proprietary Company

Paul Fudge's other  associated companies,
by virtue of Section 12(2) of the Corporations Act (2001)


 Domain Imports (externally administered) 001-853-952
 Epic Drilling Services Pty Ltd 162-622-504
 Geotech Finance Pty Ltd 122-851-941
 Geotech Investments Pty Ltd 120-462-599
 Geotech Property Pty Ltd 121-204-386
 Headlam Investments 153-192-388
 Headlam No 2 Pty Limited 153-981-152
 Home Yardage Pty Limited (externally administered) 001-178-472
 Home Yardage (NSW) Pty Limited 002-283-534
 Instar Aurum Pty Ltd 162-683-212
 Nofima Pty Ltd 002-502-310
 Pangaea Resources Pty Ltd 070-165-025
 Pangarea 788P Investments Pty Ltd 121-204-340
 Pangaea 788P Pty Ltd 121-204-359
 Pangaea Bangemall Investments Pty Ltd 121-204-377
 Pangaea Bangemall Pty Limited 134-550-995
 Pangaea Bigfoot Investments Pty Ltd 160-458-275
 Pangaea Bigfoot Pty Ltd 160-458-293
 Pangaea Canning Investments Pty Ltd 141-679-503
 Pangaea Canning Pty Ltd 141-679-496
 Pangaea Drilling Pty Ltd 129-434-135
 Pangaea Exploration Investments Pty Ltd 127-225-218
 Pangaea Galilee Investments Pty Ltd 134-700-155
 Pangaea Galilee Pty Ltd 132-410-578
 Pangaea Minerals Investments Pty Ltd 067-571-877
 Pangaea Minerals Pty Ltd 120-631-316
 Pangaea (NT) Investments Pty Ltd 159-197-010
 Pangaea (NT) Pty Ltd 159-197-029
 Pangaea Oil & Gas Investments Pty Ltd 066-599-166
 Pangaea Oil & Gas Pty Ltd 068-812-171
 Pangaea PEL 437 Investments Pty Ltd 121-204-304
 Pangaea PEL 437 Pty Ltd 121-204-322
 Waratah Thoroughbreds Pty Ltd 124-694-275

Epic Drilling built their huge 61m tall drilling rig called a Bigfoot at their Redbank, Qld base. The Bigfoot rig has a capacity to drill in all directions and down 6500m, making it the deepest land-based drilling rig in Australia.

Epic Drilling rent out the rig to other explorers. The rig's parts and additional equipment fill 118 trucks. Epic Drilling employs around 35 staff and contractors. Epic Drilling general manager is Jeff Fox.

Fudge owns and breeds race horses, such as Sir John Hawkwood, Ephemera, Sienna Red, Floor Show and London Bridge, running in red and white colours, through his company Waratah Thoroughbreds Pty Ltd (Waratah Thoroughbreds Syndicate), located at Bong Bong Farm, Moss Vale NSW.

Fudge spent $27 million in December 2011 on his "equine facility" - poor people call them stables. In the same year, Paul Fudge spent at least $7 million buying horses at overseas auctions. His horse racing track record is here.

In 2012 Fudge paid JPY145 million ($US1,790,124) for a sister to the Japanese Derby winner Deep Brillante (Deep Impact – Love And Bubbles, by Loup Sauvage). Fudge has a licence to race horses in Japan.

Andrew R. Scott is Senior Technical Advisor for Pangaea Resources Pty. Ltd.
Paul Fudge's Pangaea Resources and others companies have these assets:

Myall Syncline

Pangaea owns 100% and operates PEL 476 and PEL 477, located in the southern New England Fold Belt along the eastern region of NSW which covers an area of 10,119 km2.

PEL 476 was granted in December 2009 and renewed in 2013. PEL 476 starts about 8km west of Gloucester township to include the Manning Valley NSW. residents are already preparing to fight the exploration.

PEL 476

PEL 477 was granted at the same time and is located about 35kms SSW of Inverell, NSW.

The southern New England Fold Belt forms a series of structurally complex folds and thrusts that contain discrete remanent Permian basins including Myall Syncline.

Since 2009 Pangaea has conducted field mapping and acquired aeromagnetic and ground gravity surveys to help understand these remanent Permian basins.

These surveys results are being integrated with existing geological and geophysical data to refine the exploration model and the next stage of coal seam gas exploration.

Galilee Basin

Pangaea owns 100% and operates, both ATP 989P and ATP 1041P located in the western Galilee Basin near Winton in Queensland, granted in 2010.

The western Galilee Basin has high geothermal gradients, coal rank and coal thickness, therefore a high grading of hydrocarbon potential. Pangaea is in the appraisal phase of these tenements.

Surat Basin PEL437 (NSW)

Pangaea owns 100% and operates PEL 437, located in the southeast portion of the Surat Basin in northern New South Wales which covers an area of 5,525 km­2.

Pangaea stated they are making a decision in 2013 on a further exploration program, following results of a four well drilling program.

The majority of PEL 437 is located on the eastern up-thrown side of the Goondiwindi Fault System, adjacent to the Bowen Basin, which is considered an extension of the Taroom Trough in Queensland.

The “Deeps” (Queensland)

Pangaea is in joint venture with Origin Energy and Queensland Gas Company Limited (QGC, a BG Group business), to explore and develop the oil and natural gas potential of the “Deeps” located in the eastern Surat Basin in south-eastern Queensland.

Pangaea holds interests of up to 75% in the “Deeps”. Origin Energy and QGC are respective operators of ATP788P, and 610P, 620P & 648P and associated PLs.

The “Deeps” are the stratigraphic sequences 100 feet below the base of the highly prospective Walloon Coal Measures of ATP (Authority to Prospect) 610P, 620P, 648P and 788P and associated Production Licences (PL).

McArthur / Beetaloo Basins

Pangaea has a 100% interest in and operates EP(A) 167, 168 and 169, located in the western McArthur and central Beetaloo Basins southeast of Darwin, adjacent to the towns of Elliot and Katherine in the Northern Territory.

In 2013 Pangaea is in the initial phase of their exploration program with an airborne gravity survey in early 2013 followed by 2D seismic acquisition and drilling. Initial sampling work and exploration with a number of wells recovered hydrocarbons.

The McArthur and Beetaloo Basins contain thick sequences of organic rich source rocks capable of generating significant quantities of oil and natural gas.

Victoria River / Birrindudu Basins

Pangaea operates and has a 100% ownership of EP(A) 198, located in the north eastern Victoria River/Birrindudu Basins approximately 600 km south of Darwin near the town of Yarralin which is next to the western edge of the tenement.

Pangaea is conducting the initial phase of the exploration program in 2013 with an airborne gravity survey and 2D seismic acquisition.

Fudge's Pangaea Resources is not to be confused with Pangea Resources Australia Pty Ltd, a company notable for a controversial proposal for an international high-level radioactive waste repository in Australia.

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