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AUSTRALIA

Crestal falls into administration

CRESTAL Petroleum, the tiny gold searcher packaged up to pursue the oil ambitions of Adelaide Energy founder Carl Dorsch, has admitted defeat, becoming the first junior oiler to enter administration in 2015.

Haydn Black

It follows Red Fork Energy, which collapsed in December. Crestal's woes were many. It kept butting heads with its joint venture partner in Utah, TransWestern Petroleum, its wildcat entry into the oil...

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