The project, comprising two adjacent areas straddling the West Australian and Northern Territory borders, is held under retention (R) leases.

Drillsearch will be operator and holds the following interests 94.5% in WA13R (Turtle) and 95% in NT/RL3 (Barnett).

"Turtle/Barnett is a major oil appraisal drilling opportunity for Drillsearch," the company said.

"The forward program is to complete a small 2D or 3D seismic survey around July and appraisal drilling in late 2005 subject to rig availability."