Companies, Exploration, News

Company relinquishes portions of lease

In response to the Scientific Inquiry into Hydraulic Fracturing in the Northern Territory released in April 2017, Hancock Prospecting has voluntarily relinquished portions of lease EP154 to the Northern Territory Government, to allow for an approximate 25km exploration buffer area from Mataranka Hot Springs and the Roper River.

Hancock CEO, Garry Korte, said that its submission to the inquiry included confirmation that it has adjusted some of its exploration lease areas in the NT.

“Should exploration be allowed to occur, Hancock is committed to investing in an exploration program that if successful could result in up to $200 million in development expenditure that would greatly benefit regional economies in the NT, particularly Katherine, Tennant Creek and the greater Barkly area,” Mr Korte said.

The resumption of oil and gas exploration in the Northern Territory will provide the opportunity for significant economic benefits to flow through to the local economy.

“Hancock also supports the evidence of a Deloitte Access Economics report that shows an expanded oil and gas industry in the Northern Territory will add up to 37 per cent Gross State Product, and full time employment of up to 6,300 people,” Mr Korte said.

“Hancock has a proven track record of conducting exploration and mining throughout Australia with no significant environmental incidents and believes that the development of the oil and gas industry in the NT could occur with suitable environmental and community protections based on scientific principles and would contribute significantly to the region.”

The inquiry into onshore unconventional gas exploration is to due to release a draft report soon and make its final recommendations to the government by the end of 2017.

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