Why Investors Are Interested In Coomooroo Energy

  • Australia is politically stable (compare Nigeria)
  • Onshore drilling is less expensive than offshore
  • Depth to target less than 1,600 metres
  • Primary target is of excellent quality crude oil rated as light and very low in sulphur
  • Secondary targets include extensive conventional natural gas deposits and coal seam gas
  • Installation of infrastructure is relatively easy as land is flat
  • Australia has a very mature oil & gas industry with an excellent regulatory regime
  • Modern drilling rigs are very mobile and inexpensive to relocate
  • Proposed consultants are some of the best and most technically advanced in the world.
  • New technology greatly improves the accuracy of the drilling
  • Exploration wells enjoy a 1 in 3 success rate in the Eromanga Basin
  • Development wells, due to new technology, are now running at 98% success rate in the nearby Cooper Basin which is equivalent to the Galilee Basin
  • Significant Investment in time and money has been invested in the lead up and in this ATP (Authority to Prospect.)
  • The ATP 863 was issued in January 2009 for 4 years.
  • The nearest oil field is the Inland Petroleum field. The largest is the Jackson Field to the south west of the area near Blackall (ex ATP 863) and is expected to produce more than 150 million barrels.
  • Remote sensing results from the first field season in 2009 strongly support the presence of hydrocarbons in selected locations in the Galilee Basin

Influence Of Native Title

Throughout Australia and particularly Queensland exploration has been seriously delayed until the issue of native title was resolved. The resolution of native title issue took in excess of l0 years in some places. The Galilee Basin has both major and minor native title issues.