abc news article

Article on ABC News re: central petroleum

[More than 100 representatives from oil and gas companies are meeting in Alice Springs to discuss the future of their industry in Central Australia.

After a seven-year hiatus, the organisers say the return of the symposium is a response to renewed interest in the region, since Central Petroleum's oil find in the Amadeus Basin in January.

But geologist Jack Mulready says difficulties in financing remote exploration remain a significant barrier to the development of the industry.

"Exploration here is very expensive. The wells are in order of $10 million each before you start fracking," he said.

"You need some big players in to finance that sort of activity.

"Australian companies can do the odd well but can't keep the level of activity you want to develop an industry."]