Blue Energy out to unlock Surat Basin's oil riches

EXPLORATORY drilling for oil reserves will start near Roma in less than a week.

Blue Energy Limited will drill and evaluate the Marburg 1 well, 120km north-west of Roma, to a planned depth of 700m.

Blue Energy CEO John Phillips said he believed the Surat Basin, currently a major centre for coal seam gas activity, had been overlooked as a potential oil production site.

"Definitely in the early days they were looking for oil … they were looking for the big elephants if you will," Mr Phillips said.

"They didn't get enough encouragement with the initial well.

"We think there's a reasonable chance that there's something that's missed."

The first stage of the exploration, which is funded by KIB Energy, will take several weeks.

"Obviously if it's a dry hole we walk away, but if we do get some encouragement we will follow up with some work.

"By the end of October we'll have a pretty good idea of what we've got.

"It's a risky venture in terms of chance of success."



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