ABC News today reported that Great South Land Minerals (GSLM) would spend $4.5 million on further onshore seismic field operations next year to find out the scope of oil and gas reserves in the Tasmanian Basin.

GSLM also reportedly plans to drill 14 wells in the region to a depth of 2500m over the next couple of years at an estimated cost of $12 million. The drilling is subject to Tasmanian Government approval.

GSLM chief executive Clive Burrett said he thought the company could find commercial reserves of oil and gas.

“It still is a risky business of course, it may be only a six-to-one or a five-to-one shot of finding something, but we feel and our investors in the United States and elsewhere obviously feel that we have a good chance,” ABC quoted Burrett as saying.

GSLM is a wholly owned subsidiary of Kansas-headquartered exploration and mining company, Empire Energy.