The Tasmanite oil shale project (Exploration Licence EL20/2004) is located between Latrobe and Railton in northern Tasmania, 10 kilometres south west of the port of Devonport in Tasmania with excellent road and port access.
The Latrobe oil project has a JORC Code indicated resource of 42 million tonnes of Tasmanite oil shale of which approximately 6 million tonnes is at less than 20 metres depth and amenable to open cut mining methods. An additional JORC Code compliant inferred resource of 30 million tonnes of Tasmanite oil shale is estimated.
Historical drilling campaigns have demonstrated a continuity of the deposit over a large area. The Tasmanite oil shale deposit is different from other Australian oil shales and is a variety unique to Tasmania and has the advantage over other Australian oil shales in that it can be used as a source of bitumen as well as oil.
The Tasmanite oil shale horizon within EL 20/2004 has already produced 1.13 million litres of oil from underground mining operations.
The company plans an aggressive infill and extension drilling program to seek to upgrade the resource status of the Project and allow a clearer depth analysis of the resource. In conjunction with the drill program, the Company plans to extract and test a bulk sample of approximately 20 to 50 tonnes in the nature of a scoping study to determine recovery rates of oil.
Dependent on the success of its exploration the company will undertake a feasibility study to develop the Project towards mining of oil shale and extraction of oil.
The economic development of oil product from the oil shale requires two stages of mining and extraction. Firstly, the oil shale must be mined by conventional mining methods whether by open-cut or underground mining. Secondly, the oil needs to be extracted from the oil shale. Any shale oil extracted is likely to be able to be hydrotreated to yield a petroleum equivalent.
Boss debuts up 75% on ASX 25-July-07 by Andrew Hobbs
Nedlands-based oil company Boss Energy Ltd has commenced trade on the Australian Securities Exchange, debuting up 75 per cent in its first day of trade.
The company, which raised a total of $3.5 million in its initial public offer, of 17.5 million shares at 20 cents each, was trading at 35 cents at 1:40 pm WST.
The company had flagged plans to progress an aggressive exploration program upon listing, to upgrade the resource at its Tasmanian Latrobe oil shale project which currently has a JORC Code compliant resource of 72 million tonnes of Tasmanite oil shale.
Boss Energy Chairman Robert Grover said the company had rapidly progressed its exploration program at the Tasmanite oil shale and upon listing planned a significant drilling program to upgrade the resource at the project and determine recovery rates of shale oil from the bulk sample.
"Upon listing we will be continuing our ongoing drilling campaigns at the Tasmanian Latrobe oil shale project. We remain focused on progressing a very aggressive exploration program to upgrade our resources as soon as possible," Mr Grover said.
"Upon the success of our exploration the company will undertake a feasibility study to further develop the project towards production with the mining of oil shale and extraction of an oil product.
"The Tasmanite oil shale deposit is unique to Tasmania and has the advantage over other Australian oil shales in that it can be used as a source of bitumen as well as oil, so the company looks forward to unlocking the potential of the project as soon as possible.
Mr Grover said the Tasmanite oil shale project had already produced 1.13 million litres of oil from underground mining operations and had excellent road and port access being located ten kilometres south-west of the port of Devonport in Tasmania.
The board of Boss Energy is very experienced and brings together technical and corporate experience in the fields of exploration, production and project evaluation and development.
**THE BELOW IS VITAL**
The company intends to use this experience to actively review and assess other acquisition opportunities in the resources sector in Australia and overseas which have the potential to add value for shareholders.
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