The Minister for Infrastructure, Energy and Resources, Bryan Green said, the license, which had been held for petroleum products, excluding coal bed methane, since June 1999, is being renewed for a reduced area of 15,035 square kilometers.
"The new license covers an area extending from Perth in the north to Catamaran in the South.
"Great South Land has indicated in its renewal submission that, over the five-year extension period, there would be expenditure of $21.5 million on exploration activities throughout the new license area.
"The exploration program is aimed at discovering and exploiting commercial quantities of oil and gas.
Mr Green said that after consideration of the renewal application and an assessment of previous performance, he had sought and received agreement from Great South Land Minerals (GSLM) on a number of license conditions. These included:
"The work program put forward by GSLM is significant and will provide useful geoscientific information over an area of Tasmania that has been relatively untouched by exploration activities to date," Mr. Green said.
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