Oil and Gas exploration in the Clarence Valley is not a new thing. On 5th March 2008, the local newspaper published a story quoting drilling programs from back in 1957. The following quote is from the Daily Examiner 5th March 2008 A DPI geological overview says the basin has an abundance of 'oil-prone rocks', and that there was likely to be 'considerable quantities' of gas contained within coal seams or sandstones. Interest in petroleum exploration in the Grafton area is not a new thing. In 1957 The Daily Examiner reported the Clarence River Basin Oil Exploration Company began boring at Grafton Racecourse, discovering gas that the company declared to be 'undoubtedly of commercial value'. For the full story, follow the link: http://www.dailyexaminer.com.au/news/apn-company-seeks-oil-gas/133273/ Interestingly, the Grafton Racecourse (now also Golf Course) has already been drilled with a potential for ‘commercial value’. Also, may the Greenies note that there have been no toxic side effects, the race and golf courses are used regularly.
MEL Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
