ESSO to spend $13M in Queensland
'NZPA Sydney The E.S.S.O. group is to put SI3M into a major on- j shore programme to explore; more than 140,000 square; kilometres of the Galilee! Basin in Central Queensland. ; Only scanty exploration, and drilling, has been i carried out so far in the I area, which stretches from! Winton in the north to; Charleville in the south. There have been no significant oil and gas dis-'
coveries in the area. Farm-in agreements have been made between E.S.S.O, Exploration and Production Australia Inc, and the two; North American companies' which hold the exploration! permits. In each case, E.S.S.O.' will earn an undisclosed i majority interest. If it is successful, E.S.S.O. will offer participation to! Australian companies in > exploration, and subsequentdevelopment.
An E.S.S.O. director, (Mr K. Richards) said: “We are not going to find giant oil pools there, but we have confidence in our onshore seismic, and the economics of looking for onshore oil are attractive. Any oil we find will be ‘new’ oil.” E.S.S.O. plans to make an; immediate start on the pro-j gramme, but it could be hampered by a world-wide shortage of seismic crews.
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Press, 21 November 1979, Page 21
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192ESSO to spend $13M in Queensland Press, 21 November 1979, Page 21
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