announcement out

THE GIPPSLAND BASIN IS PRIMARILY OWNED BY GASTAR (US COMPANY) WHICH MUST HAVE A SUBSIDIARY IN AUSTRALIA.. IN TURN GASTAR I THINK HAS A CONNECTION WITH CHESAPEAK (MASSIVE OIL AND GAS PRODUCER). THATS ALL I CAN FIND FOR A US COMPANY
http://www.gastar.com/properties/view_property.asp?id=11
Gastar owns a 75% Working Interest in the CBM and Mineral Sands rights on the 1.4 million gross acre concession located in Victoria, Australia.

The Gippsland Basin is a proven hydrocarbon province that has produced substantial volumes of oil, natural gas and coal. The Company’s acreage covers virtually all the Basin that is located onshore. The coals in the Gippsland are primarily brown coals and are similar to the coals in the Powder River Basin in composition and age. Dr. Guy Holdgate, a noted coal expert with 17 technical publications on the Gippsland Basin, stated in a technical evaluation "The onshore Gippsland Basin contains extremely large deposits of Tertiary age, dominantly brown coal, representing the largest single accumulation of brown coal on earth." The Basin has multiple coal sequences at depths of less than 3000 feet with total coal thickness approaching 1000 feet and individual seams over several hundred feet thick. An internal company estimate based on his study indicates that the onshore part of the Basin has a gas resource in the range of 37-57 TCF.

During the first and second quarters of 2005, Gastar drilled the first two dedicated CBM test wells on this property. The wells are anticipated to be completed utilizing openhole completion techniques commonly used in the Powder River Basin.