AUSSIE EXPLORATION DEPRESSED IN 1992

Depressed exploration activity in Australia looks to continue in 1992 despite growing optimism for offshore discoveries, especially off the northwestern coast. Lack of cash flow stemming from lagging oil prices is the culprit, says Australian Petroleum Exploration Association. APEA notes offshore exploratory drilling fell 40% to 39 wells in 1991 despite early expectations of at least equal the record 82 wells drilled in 1990. APEA estimates 33-60 offshore exploratory wells a

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