Fortescue Metals Group's decision to not become involved in gas exploration in the Canning Basin via listed company Oil Basins has enabled Melbourne-based explorer Octanex to get a foot in the door
Fortescue Metals Group has terminated its entry into the oil and gas industry, ending discussions with Oil Basins over an onshore shale project within the Canning Basin.
Western Australia has an abundance of gas and explorers are looking for more, both offshore and onshore, but there are questions over how much growth the industry can sustain.
The legal battle between Oil Basins Ltd and ARC Energy Ltd has been resolved, with the Canning Basin joint venture partners agreeing to a new arrangement.
Oil Basins Ltd has applied to the Supreme Court of Western Australia for an urgent hearing into an alleged breach of obligations by a Perth-based Australian Worldwide Energy Ltd subsidiary over licences in the Canning Basin.
The battle between Oil Basins Ltd and Buru Energy Ltd, a spin-off from the merger of ARC Energy and Australian Worldwide Exploration, has heightened following a force majeure declaration over the Blina Back Reef Play joint venture.
West Perth-based ARC Energy has hit back at claims that it breached a confidentiality agreement after it received a writ from Oil Basins Ltd late last week.
