Tasmania Renews Great South Land License

The Tasmanian State Government has decided to renew a special exploration license held by mining company, Great South Land Minerals Limited, subject to a number of license conditions.

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:

  • Continuation of tenure will be subject to GSLM having actual expenditure of at least 80% of the cumulative expenditure commitment at the end of each twelve-month period.
  • Failure by the company to meet the minimum expenditure requirement at the end of any year will result in automatic revocation of the license; and
  • GSLM will provide a full interpretation report by 1 December 2004 for the Seismic Program carried out between January 2001 and June 2001.
  • Mr. Green said the program put forward by Great South Land Minerals consisted of 1600 line kilometers of regional seismic, 400 line kilometers of prospect definition seismic, four stratigraphic wells and two exploration wells.

  • "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.