First Australia Resources Ltd will drill two wells with Bligh Oil & Minerals NL in the Bayou Choctow oil field in Louisiana during the first half of 2002. Independent engineering studies conducted over the field suggest the two wells could contain more than two million barrels of oil.
FAR took a look at Bayou Choctaw early last year however did not like the asking terms. This time the company said the terms are more to its liking and added that the US exposure fits into its strategy of increasing production and reserves.
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