Australian Oil has finalised its acquisition of three petroleum leases and one petroleum licence in the Surat Basin, Queensland.
Australian Oil completed the acquisitions of the assets from ADZ Energy (Queensland) Pty Ltd and OGT Energy Pty Ltd, with all conditions precedent now satisfied.
The parties are now preparing and lodging the required transfer documentation and regulatory filings.
Kane Marshall, Managing Director of Australian Oil, said: “Completion of the transaction provides the company with a material onshore asset position in the Surat Basin.
“The immediate focus is on completing the remaining regulatory transfers and progressing technical evaluation of the acquired licences.
“The board will update the market as work programs and development priorities are defined and integrated with the company’s existing portfolio.”
The assets are situated near major gas gathering and processing infrastructure and in proximity to acreage held by Santos, Shell, Elixir and Omega in the Taroom Trough.
Australian Oil acquired leases in the producing Emu Apple, Riverslea and Major Gas oil fields, entering into agreements with ADZ Energy and OGT Energy in December 2025.
The acquisition of the Emu Apple oil lease has the potential to raise production in the oilfield from a current 15 barrels of oil per day (bopd) to up to 50 bopd.
The produced Riverslea and Major fields can be brought back online in addition to new discoveries at a modest cost as the facilities are in good condition.
