A LUCRATIVE oil deposit located beneath farmland near Yambuk could net more than $100 million for an energy resources company.
Specialist petroleum explorer Bass Strait Oil will erect a rig between Codrington and Bessiebelle later this month to determine whether fossil fuel can be commercially extracted.
The company has conducted extensive research during the past few years to determine whether a thwarted 1987 oil discovery in farmland 50 kilometres west of Warrnambool could be accessed 25 years on.
Bass Strait Oil believes more than three million barrels of oil is located beneath Codrington’s pastoral acres, one million barrels of which could be brought to the surface.
If the operation is successful, the oil rig will be the first on-shore commercial oil extraction in Victoria since a 1920s project based at Lakes Entrance.
Warnambool Standard
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