Empire Energy, an international oil and gas exploration company, with its wholly owned subsidiary, Great South Land Minerals (GSLM) has received and signed the documents for its Tasmania basin license EL14/2009.

According to Empire, the license area includes the two main structures identified in GSLM’s previous seismic and gravity surveys; the Bellevue and Thunderbolt domes which independent consultants, RPS Energy, estimate could contain undiscovered potential petroleum resources totaling 447 million barrels of oil, which would potentially have a value of $2.2bn assuming $5 per barrel.

Malcolm Bendall, CEO of Empire and GSLM, said: “We will now be working hard to complete all the conditions precedent in order to resume drilling. I am very happy that the new minister, the Honorable Bryan Green has expedited preparation of the license documents allowing the state to move ahead and potentially develop a valuable oil and gas industry in Tasmania.”

Empire Energy, which currently operating in Tasmania’s central and northern basins, is focusing on developing assets in one of the last virgin basins and to become a low-cost finder of hydrocarbons.