Inpex said the Northern Territory Government gave a green light for the company to pursue an exploration permit for onshore petroleum exploration acreage.
Inpex Director Australia Ventures, Tony Pytte, said the onshore acreage (area EPNT14-1) was situated in the highly prospective Beetaloo Basin, around 500km South East of Darwin.
Access to this acreage would provide Inpex with additional potential oil and gas resources for development, the company informed in a statement.
Inpex tendered for the right to pursue exploration following the NT Government’s release of acreage in June and July last year.
Following this first step, Inpex expects a highly detailed and very closely monitored process of Native Title negotiation, overseen by the Department of Mines and Energy. The process, which is required for any future offer of an exploration permit, will also involve consultation with pastoral land leaseholders and could take up to two years.
The acreage area consists of 50 blocks totalling approximately 4000 square kilometres, with the nearest town being Daly Waters.