PetraGas Gets License for Exploration in Central Tasmania

Petratherm Limited, an Australian explorer and developer of geothermal energy, revealed Tuesday that its wholly owned subsidiary, PetraGas Pty. Ltd., has been awarded a Petroleum Exploration Licence (EL3/2013) covering approximately 1,505 square miles (3,900 square kilometers), north of Hobart in central Tasmania, Australia to explore for conventional and unconventional oil and gas.

Petroleum Exploration License

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

The exploration program for the first two years of the license, as outlined in the license conditions, is as follows:

  • Year 1: Review of previous work, modeling and interpretation of existing geophysical data, field sampling, core collection and analyzes, 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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