Terra Energy & Resource Technologies has initiated a new strategic direction for exploration for oil and gas in Tasmania.
"We believe that Tasmania is a prospective for oil and gas. Our technological advantage in exploration of frontier areas, enhanced with the Australian partner relationship formed in 2009 with Terralinna Pty Ltd, has presented the Company with a significant opportunity to undertake exploration in Tasmania," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies. "Together with Terralinna and two other accomplished local partners, we have already established an Australian entity, Terra Tasmania Resources Pty Ltd with a strong board of directors and a strategy to pursue exploration licenses and opportunities in Tasmania. Terra has targeted Tasmania as a potential exploration area due to its stable political environment, established logistics and infrastructure and underexplored license blocks. STeP® and other Terra technologies are especially applicable in an unexplored frontier basin where there is potential for untapped oil and gas reserves."
"Terra has decided to diversify from the pure services model into natural resources. To that effect, we have launched the Terra Diversified Drilling project for farming opportunities in the US and are now adding exploration of Tasmania," said Dr. Alexandre Agaian, Terra Energy & Resource Technologies' President. "The Terra Technology Suite will enable the Company and its partners to substantially shorten the expense and time of exploration in Tasmania, reducing the early exploration stage financial exposure to a minimum. Our prospecting technologies should virtually eliminate the exploratory guess work and answer a long standing question on oil prospectivity of the island, adding major value to traditional geological and geophysical efforts in Tasmania."
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