OMV acquires four Australia licenses

Offshore staff

VIENNA, Austria -- Austria's OMV has strengthened its E&P portfolio with the acquisition of interests in four offshore exploration licenses in the Carnarvon basin off the northwest coast of Western Australia. Licenses WA-362-P, WA-363-P, WA-386-P, and WA-387-P cover a combined area of 37,000 sq km (14,286 sq mi).

The blocks are in a lightly explored area of the basin north of major gas discoveries which comprise the main component of Australia's LNG industry, the company says. OMV will be part of an international joint venture and as operator will take responsibility for exploration activities in the license areas.

An extensive 2D seismic survey is planned for 2008. Acquisition of the license interests is subject to the formal approval by authorities.

"These new exploration licenses acquire acreage with highly attractive exploration potential. This is a major step for further strengthening our core region Australia/New Zealand," says Helmut Langanger, OMV executive board member responsible for exploration and production.

8/13/2007

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