Japan Energy Earmarks $46MM for Australia's W1-412-P Block

Nippon Mining Holdings announced on June 19 that its refining subsidiary Japan Energy has acquired the WA-412-P block off the northwest coast of Australia, Reuters reports.

Japan Energy did not pay for the property, but instead will invest in the exploration of the field over the following six years beginning this month. The firm announced plans to conduct a seismic survey and drill two test wells. A spokesman for the firm, which is Japan's sixth-largest oil refiner, reported that the company expects to spend 5 billion yen ($46.36 million) in the first three years for these exploration projects.

The WA-412-P block covers some 730 square kilometers and is located approximately 150 kilometers off the northwest coast of Australia, close to the North Rankin Gas fields.