Frontier explorer aims for ASX listing

JUNIOR oil explorer Northern Territory Oil hopes to raise $5.5 million through an initial public offering ahead of a proposed listing on the Australian Stock Exchange.
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The company, which has interests in the Northern Territory, Western Australia and Texas in the United States, said it had lodged its prospectus with the Australian Securities and Investment Commission. The company aims to have its offer open by September 18 and to list in November.

Chairman Denzil Griffiths said the company had spent the last two years building a quality collection of oil assets and interests in the US and Australia.

“We are going to the market specifically for funds to begin drilling,” he said.

The company has planned an initial 10-well program beginning in late 2006 in company-owned tenements in a proven oil field in Clay County, northern Texas.

It said this would be followed by participation in the Moriary-1 well about 300km north of Perth in a joint venture with listed WA junior Empire Oil and Gas.

Under the agreement, Northern Territory Oil will pay 33% of the costs of the well for a 25% share in the entire EP-426 permit in the Perth Basin.

It also hopes to shortly complete a Native Title agreement with the Central Land Council to explore a 30,000 square kilometre prospective oil province in the Southern Georgina Basin.

“The Georgina Basin is one of the last unexplored prospective oil basins in onshore Australia,” Griffiths said.

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