UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 25, 2004
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AUSTRALIAN OIL & GAS CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 000-26721 84-1379164
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2480 North Tolemac Way, Prescott, Arizona 86305
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (928) 778 1450
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ITEM 5 OTHER EVENTS
Agreement to Acquire Browse Basin, Western Australia, Oil and Gas Interests
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The Registrant has agreed to acquire 100% of the outstanding shares of Alpha Oil
& Natural Gas Pty Ltd (Alpha), a company incorporated in Australia. The
acquisition of Alpha, is subject to all necessary shareholder and regulatory
consents (if any). Alpha is a 20% participant in the Browse Joint Venture, which
is the holder of four contiguous permits (WA-332-P, WA-333-P, WA-341-P and
WA-342-P) in the offshore Browse Basin, part of the North West Shelf of
Australia. They cover a total area of 11,080 sqkm.
The permits include the undeveloped Cornea Gas/Oil accumulation which is
contained within WA-342-P.
The permits are only lightly explored, apart from the Cornea Gas/Oil Field
accumulation in WA-342-P, which has 10 exploration wells and 4 wells on adjacent
prospects. There are no well penetrations in WA-332-P, although Buccaneer-1, on
the northern border with WA-341-P, had oil and gas shows. Gwydion-1 is located
10 km to the south, where a small but significant oil discovery was made some
years ago. There is only one well, Rob Roy-1 in WA-333-P. Significantly, the
Heywood-1 and Buccaneer-1 wells in WA-341-P both had oil shows. The Heywood
feature is to be the focus of significant follow-up, given the strong oil
indication in the well.
The Gwydion-1 oil discovery, and the subsequent discovery of the Cornea Gas/Oil
accumulation have demonstrated that prolific source rock is mature for oil in
the basin, and that expelled hydrocarbons have migrated into and or through the
permit areas.
The permits are covered by a significant amount of available 3D and 2D seismic
data.
The Cornea 3D seismic survey of approximately 1100 kmsq covers a large part of
WA-342-P. The Copernicus 3D partly covers WA-341-P. The remainder of the permits
are covered by a large amount of 2D seismic. The Joint Venture participants will
acquire 1900 kms of new 2D seismic during 2005 and 2006 to meet the work program
commitments, as stated under the conditions of the permits.
No other assets of Alpha are inherent in the transaction, other than the permits
and the information and knowledge relating to them, which is held by the Browse
Joint Venture.
With regard to the interest in the Browse Joint Venture, Mr EG Albers is a
director and shareholder in each of Batavia Oil & Gas Pty Ltd, Hawkestone Oil
Pty Ltd, Alpha Oil & Natural Gas Pty Ltd and he is a shareholder in Goldsborough
N.L. which is the parent of Goldsborough Energy Pty Ltd. All of these companies
are the holders of the Browse Joint Venture.
The participating interests in the Browse Joint Venture are:
Batavia Oil & Gas Pty Ltd (Operator) 35%
Hawkestone Oil Pty Ltd 35%
Alpha Oil & Natural Gas Pty Ltd 20%
Goldsborough Energy Pty Ltd 10%
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AUSTRALIAN OIL & GAS CORPORATION
Date: June 24, 2004 By: /s/ E. Geoffrey Albers
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E. Geoffrey Albers
President