According to EnergyQuest's figures, exploration spending in Australia fell from more than A$1 billion (US$742.3 million) in the fourth quarter of 2014 to A$446 million in the final quarter of 2015, marking Australia's lowest exploration spend in a decade.
The number of exploration and development wells drilled in Australia during 2015 totalled just 821, down from 1534 in 2014, with the number of exploration wells dropping from 119 to 54.
Of
