SINGAPORE - Singapore-listed Linc Energy said on Thursday it will start drilling three new wells in the Arckaringa Basin in South Australia.
The company will fund the targeted exploration programme itself before possibly finding partners for phases two and three of the development, it said.
The basin has a potential 103 billion barrels of oil equivalent in recoverable oil and gas reserves and is poised to be a key focus for Linc Energy, the company added.
Its research so far also suggests that the conventional oil opportunities are significant with several very good conventional oil well opportunities identified for exploration in the near future.
"With Brent crude oil at over US$110 per barrel and further uncertainty in the global oil markets... now is obviously the ideal time to act and commence this drilling programme," said Linc Energy's managing director and chief executive Peter Bond in a statement.
"It's worth noting that although we received offers from our partnering process last year, it didn't make sense to farm down this very significant oil acreage before we had commenced to unlock and establish the value of this asset more fully," he added.