(1) What was the total cost associated with producing the data package for the Bancanna, Yathong-Ivanhoe and Pondie Range Troughs tight sands gas reserves?
(a) How does the Government plan to recoup costs?
(2) Has the Government been advised that Paradigm Resources is now insolvent?
(3) Did Paradigm Resources fulfil all license requirement responsibilities for the exploration of gas at Bancannia, Yathong-Ivanhoe and Pondie Range Troughs?
(4) What are the consequences of insolvency for Paradigm Resources in terms of its gas mining interests in the Bancannia, Yathong-Ivanhoe and Pondie Range Troughs?
(1) The data package was a desktop study involving only staff time within my Department. The data package only briefly mentioned tight gas potential as one of several exploration opportunities.
(a) Data packages encourage exploration interest leading to uptake of exploration permits which attract a rental fee for the government. Exploration companies spend money in New South Wales exploring, often employing local people and spending on local businesses. If a discovery is made the production of gas will attract a royalty to be paid to the Government.
(2) No. The insolvency was widely reported in the business and industry news sites.
(3) – (4)
Paradigm Resources Pty Ltd has never held exploration licences for gas or petroleum in New South Wales.
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