According to a four-year, federally funded study by the University of Tasmania, that more than 3 billion barrels of oil equivalent may be recoverable on shore on the island of Tasmania. Commercialization of any oil or gas discovery will be enhanced by the presence of a 16-inch pipeline completed in 2001 by Duke Energy. This pipeline runs through the center of the property licensed to GSLM and will be available to take production to market. It should be noted that many international oil companies have discovered and have been producing oil off shore Tasmania for over 30 years.
In order to facilitate investment opportunities and development strategies pertaining to this or other potential mineral discoveries on their properties, the shareholders have overwhelmingly approved today to amend The Articles of Incorporation to increase the authorized capital stock to 300 million shares.
Mr. Malcolm Bendall, CEO, stated: "Past and planned future expenditures relating to these leases will more than meet the requirements necessary to retain mineral rights through the current term of the lease through 2009 and beyond. These expenditures include plans for an additional more extensive regional seismic survey planned to commence in November of 2005.
"We are very optimistic that we will discover economic petroleum reserves in 2005-2006. To help achieve these goals, and now that our merger is complete, we are currently in the process of negotiating long-term funding. We are also having active discussions with potential joint venture partners. However, everyone involved should still be aware that this is a frontier basin with no current production and has the high risk and uncertainty of any new undeveloped area."
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