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Leg-up for Tassie venture


$25m pumped into Tasmania oil hunt



By Upstream staff 

California-based investment group Aria Investments International has pledged to invest $25 million in a landmark oil exploration venture in the virginal onshore Tasmanian basin off south-east Australia.

The programme’s operator, Hobart-based Great South Land Minerals, is currently acquiring some 600 kilometres of line seismic in the Longford sub-basin and the Central Highlands, and is preparing to shoot a few more lines before commencing a 20-well drilling programme later this year.

Great South’s chief executive David Tanner said: The first two seismic sections have already identified large dormal structures at Hunterston and north of Bronte. Other prospective structures in the Longford (sub-basin) have also been identified.

The next stage of the seismic survey is due to commence in August and the first exploration well is expected to spud by year-end, pending environmental approvals, according to Tanner.

Great South is the sole permit holder of the only petroleum exploration licence in onshore Tasmania, SCL 13/98. The 30,000-square kilometre tract covers virtually the entire Tasmanian basin that is open for exploration and excludes World Heritage areas.

Aria is financing the venture through Bass Gas and Oil, a company owned by Great South’s major shareholder Malcolm Bendall. Upstream understands the deal provides for Aria to supply a skid-mounted refinery to commercialise any oil discoveries.


Tuesday, 10 April, 2001, 07:45 GMT  | last updated: Wednesday, 04 May, 2005, 13:46 GMT

Plain sailing: $25m will vitalise the Tasmanian project
 

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