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Thursday, January 19, 2006

Partnership to tap Tas oil reserves. 19/01/2006. ABC News Online

Partnership to tap Tas oil reserves. 19/01/2006. ABC News Online

Tasmania's largest ever gas and oil exploration will start in a matter of months.

Empire Energy and its Tasmanian subsidiary, Great South Land Minerals, have signed an agreement with British exploration company MR Associates to try to tap the estimated 3 billion barrels of oil and gas that exist under the state.

At least five oil wells are expected to be drilled in the next four years in an 840 square kilometre area south-east of Launceston.

The chairman of Empire Energy, Keith Laing, says if the venture is commercially viable it would have a huge benefits for Tasmania.

"It changes the economy of the whole state, quite obviously it's a lot of oil and a lot of money," he said.

Exploration work is expected to begin by March.

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