Stanmore Coal has announced it has signed an agreement with the Japan Oil, Gas and Metals National Corporation (JOGMEC), a Japanese Government owned corporation, to jointly undertake an extensive exploration program in Queensland’s Surat Basin.
Under the terms of a Joint Exploration Agreement, JOGMEC will provide
up to $4.5 million of exploration expenditure to Stanmore Coal over a three year period for the Clifford Thermal Coal Project, north of Chinchilla.
JOGMEC will earn up to a 40 percent economic interest in the Clifford Project and has the right to assign that interest to a Japanese nominee company in the future, in order to progress the project to development.
Stanmore Coal is the first Queensland based company to benefit from the recent Japanese national interest in Queensland resources since JOGMEC and the Queensland Government signed a comprehensive Memorandum of Understanding (MOU) on 30 September 2013. The MOU sets out a framework for bilateral cooperation on natural resources exploration and development in Queensland, including coal, gas and other mineral resources, as Japan considers Queensland one of the most strategically important partners for its resources trade.
Source: Queensland Exploration Council