Drillsearch Energy surrenders Carnarvon basin permit

Drillsearch Energy has surrendered Petroleum Exploration Permit WA-352-P in the Carnarvon basin to the government of Western Australia.

Offshore staff

SYDNEY, Australia -- Drillsearch Energy has surrendered Petroleum Exploration Permit WA-352-P in the Carnarvon basin to the government of Western Australia.

“When faced with a potential forward work commitment in WA-352-P of over $40 million – 3D seismic and two offshore wells, we simply could not justify these expenditures in light of the high success rates we are having in the [onshore] Cooper basin with much more manageable capital expenditures,” says Brad Lingo, Drillsearch MD.

01/22/2010

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