Tuesday 5th August 2008
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L&M is targeting 300 petajoules of gas from its permits in the Southland region. The three wells will be drilled to a depth of just 250 meters, it said in a statement.
The company plans to drill a total of eight wells this year to help confirm the extent of reserves, it said. The search is in addition to its existing oil and gas exploration.
BG Group Plc of the UK is making a hostile A$13.8 billion bid for Australia's Origin Energy, Australia's biggest coal-seam gas producer, to add supplies for sales of LNG into Asia.
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