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Confidence in SA’s Oil and Gas Industry Drives $100 Million Investment

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About $100 million will be invested in South Australia by companies wanting to unlock the State’s oil and gas potential in the Cooper Basin.

The State Government today announced Senex Energy Limited, Bridgeport Energy Pty Ltd and Strike Energy Cooper Pty Ltd had successfully bid for petroleum exploration licences (PELS) in the Cooper Basin.

It comes as the State Government received a record-breaking royalty for petroleum for the month of June.

Mineral Resources and Energy Minister Tom Koutsantonis said the release of four petroleum exploration blocks had attracted significant interest from international and national petroleum explorers.

“The winning four bids total a combined investment of up $103.2 million – with a guaranteed spend of $88.9 million. This investment in South Australia translates into jobs for South Australians in our cities, towns and regional communities,” Mr Koutsantonis said.

“In fact, employment last year in the resources sector totaled more than 15,300 people – a record high and more than double what it was ten years ago.

“We also saw a record petroleum royalty return for June of $16.4 million. This is the largest monthly royalty receipt we have seen and is a reflection of the growth, investment and importance of the oil and gas sector to our State.

“The world’s petroleum explorers want to come to South Australia and be part of the nation’s largest onshore oil and gas province in the State’s far north, which is estimated to have 400 years’ worth of domestic supply.

“We welcome these explorers and the billons of dollars in investment that they can bring to our economy.”

The CO2013 blocks, as they’re known, cover an area of more than 9000 square kilometres and possibly contain conventional and unconventional gas plays, while one block is on trend with the highly productive western flank oil play.

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