Uranium Oil and Gas Applies Four Oil Exploration Permits in Northern Territoryadmin
Uranium Oil and Gas announced that it has applied for four exploration permits in the McArthur Basin region in the Northern Territory, a Proterozoic area which has shown significant potential for oil shale and conventional hydrocarbon resources. RPS Energy, an acknowledged Oil & Gas industry consultancy firm, has identified 32 separate areas within these three applications. The study infers that the combined resource potential of the 32 areas is over 5bn barrels of oil. All individual areas greater than 20 sq km have the potential to contain more than 100m barrels of oil.
Original Announcement: OIL SHALE PROSPECTS, NORTHERN TERRITORY