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PetraGas Awarded Petroleum Exploration Licence in Tasmania

Source: www.gulfoilandgas.com 2/4/2014, Location: Not categorized

Petratherm advises that its wholly owned subsidiary, PetraGas Pty. Ltd., has been awarded a Petroleum Exploration Licence (EL3/2013) covering approximately 3,900 square kilometres, north of Hobart in central Tasmania to explore for conventional and unconventional oil and gas.

Petroleum Exploration Licence
This decision by Petratherm to extend into conventional and unconventional oil and gas exploration leverages our core areas of expertise that include basin geology and deep drilling (developed from working on engineered geothermal systems) and our knowledge of the Australian electricity and gas markets.

As part of the licence application process, PetraGas responded to 22 written submissions from potentially affected landowners and this resulted in some areas being excised fromthe final licence area.

The exploration program for the first two years of the licence, as outlined in the licence conditions, is as follows:
- Year 1: Review of previous work, modeling and interpretation of existing geophysical data, field sampling, core collection and analyses, and
- Year 2: Gravity and/or magneto-telluric surveys to map basin geology.

Prior to commencing any on ground exploration work, PetraGas will require approval of that work from Mineral Resources Tasmania (MRT). As part of that approval, appropriate stakeholder consultation must be undertaken in accordance with MRT’s regulations and codes of practice.

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