New Tiaro gas project secured

TIARO may become a big new Queensland resources hub, after an announcement by Brisbane-based exploration company Blue Energy Limited revealed it secured environmental authority for two mining permits in the Maryborough Basin.

The company has already secured native title agreements for the permits, covering almost 3000sq km, and is now waiting for the venture to receive final government approval before starting work.

The company is expected to begin exploratory activities later this year to test the gas potential across and area ranging up to Burrum Heads.

The company says it will conduct public consultation before starting to drill.

An ASX announcement said the company is earning a 75% interest from Adelaide Energy Limited in three Maryborough Basin permits.

The announcement said exploration by both companies is planned to commence this year and will target coal seam, shale and conventional gas, for which the area is said to have potential.

It says the area’s location, south of Gladstone, means gas resources found in the area “will be ideally suited for both domestic and export gas markets”.

The company describes the Maryborough basin as “scarcely explored” and says it contains “marine shales that are over-pressurised and appear gas saturated”.

Further assessment in coming months will aim to determine a drilling location, the announcement said last week.