Bids in for Cooper Basin acreage

News Release

www.ministers.sa.gov.au

 

Hon Paul Holloway

Minister for Mineral Resources Development
Minister for Urban Development and Planning
Minister for Small Business

Friday, 6 November 2009

Minister for Mineral Resources Development Paul Holloway said today 11 Australian and international petroleum explorers have lodged a total of 20 bids in response to the CO2009 Cooper Basin acreage release.

The release consists of five blocks, CO2009-A to E, which was opened in February 2009 for work program bidding. The CO2009 acreage release is the ninth in the Cooper Basin since 1998.

“The excellent response from national and international explorers reflects the petroleum exploration industry’s continuing perception of the South Australian Cooper Basin as a great investment destination and a real asset in their exploration portfolios,” Mr Holloway says

“The turnover in the Cooper Basin through acreage releases since 1998 has changed the State’s licence map and the composition of Australia’s exploration industry through a number of ‘company-making’ discoveries.

“With a large number of prospective trends, high (40+%) commercial success rate, unexplored new plays and a cycle time from discovery to oil production typically less than six months, the CO2009 result confirms that the Basin remains a very attractive exploration address.”

Minister Holloway says the 20 bids are now being meticulously assessed and an announcement of the five winning bidders is expected in December 2009.

 

Further information on the acreage release can be obtained by contacting Elinor Alexander at Primary Industries and Resources S.A. on 08 8463 3211 or online at: www.petroleum.pir.sa.gov.au