New drilling incentive program in Western Australia

Alexander Richter 22 Nis 2009

In a recent article in PerthNow, a new program by the Western Australian government was announced that intends to “encourage industry to drill in areas that have mineral, petroleum or geothermal potential and will utlimately help to identify new opportunities to ensure the future prosperity of Western Australia’s (WA) resources sector.”

“Mineral and petroleum explorers will be able to share in AU$ 20.5 million in state governemnt funding for innovative drilling in WA’s under-explored areas”, so the article.

“Acting Mines and Petroleum Minister Simon O’Brien said applications for up to $150,000 were open for the Co-funded Government Industry Drilling Program, which was part of the $80million Exploration Incentive Scheme (EIS).

Mr O’Brien said the program was designed to stimulate geoscience-based exploration which would contribute to the economic development of under-explored areas in WA.  He said the 2009-10 drilling program would preferentially fund projects that promoted new mineral and energy targets, as well as innovative exploration concepts and technologies.

“As part of the EIS, which is funded by Royalties for Regions over five years, the State Government will dedicate $20.5million to the exploration drilling program, $3million of which will be available for the 2009-10 program,” the Minister said.

“Applicants will be eligible to apply for funding of up to 50 per cent and up to $150,000 per project as part of this stimulus package.

Applications for the Co-funded Government Industry Drilling Program will close at 5pm on Friday, May 15, and should be made to the Department of Mines and Petroleum, which is co-ordinating the EIS.

For more information on the EIS and how to apply for the Co-Funded Drilling Program, visit http://www.dmp.wa.gov.au/EIS

Source: PerthNow