EL 29608 Partial Reduction and Final Report 11 March 2013 to 16 August 2016

Abstract

Exploration Licence 29608 (the licence) was located approximately 75km South-South-East of Borroloola and had an area of 586 square kilometres. The area comprised of the Georgina Basin which is known to host various commodities, which include phosphate, lead-zinc deposits, diamonds, base metals, manganese and hydrocarbons. Oceanic acknowledged that work conducted has not been substantial since grant of the licence and will not be substantial in the near future. Therefore, Oceanic voluntarily reduced 89 blocks from the licence in March 2016. Oceanic then re-evaluated the remaining portion of the licence and decided to relinquish the remaining blocks and apply for another licence in a different location.