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AUSTRALIA

Beach, Somerton pick up Otway permit

BEACH Energy and Somerton Energy have picked up new onshore Otway Basin block PEP 171 that is believed to be prospective for unconventional oil and gas resources.

Somerton said the acquisition of a 25% stake in the permit from Beach was fuelled by its view that the Casterton Formation in the western Otway Basin had the potential to hold up to 25 trillion cubic feet...

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