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Friday, 21 November, 2008, 18:40 GMT | more >>

Victoria secures Queensland permit



By Upstream staff 

Australia’s Victoria Petroleum has won an onshore exploration permit in Queensland that contains several oil prospects with potential for high commercial oil flows.

The prospects in ATP 752P are located adjacent to or in between producing oilfields in both the Wompi and Barta blocks in the permit.

Canada’s Avery Resources is earning a 30% stake in the permit by shooting 100 kilometres of 2D seismic and drilling three exploration wells. The company also has the option to take an additional 20% stake in the block by drilling two additional exploration wells within 18 months of the granting of the permit.

Should Avery elect to drill all five wells, partners in the block will be operator Victoria (25%), Avery (50%) and Bow (25%).


Tuesday, 11 July, 2006, 04:49 GMT  | last updated: Tuesday, 11 July, 2006, 04:54 GMT

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