Senator Peter Whish-Wilson seeks investor protecti
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Posted On: 08/28/2016 10:40:24 AM
Senator Peter Whish-Wilson seeks investor protection, calling for a probe into ‘oil riches’ miner
MATT SMITH, State Political Editor, Sunday Tasmanian
August 27, 2016 10:00am
AUSTRALIA’S corporate watchdog has been asked to investigate a new venture wanting to explore for oil and gas in the state’s Central Highlands.
Tasmanian senator Peter Whish-Wilson has written to the Australian Securities and Investments Commission urging it to investigate Tasmanian Oil and Gas and its links with Empire Energy, the company operated by would-be oil baron Malcolm Bendall.
In January, the Sunday Tasmanian revealed a prominent Hobart church leader, Lucas Jacometti, was leading a renewed bid to explore the area previously spruiked by Mr Bendall as having an oil reserve the equivalent of a “rich Arab state”.
MORE: CHURCH LEADER’S OIL VISION FOR CENTRAL HIGHLANDS
Greens Senators Peter Whish-Wilson. Picture: LUKE BOWDEN
Mr Jacometti has since quit the church and his role as director of Tasmanian Oil and Gas.
Mr Bendall has said he was inspired to search for oil after a “vision from God” and it encouraged a raft of mum and dad investors into the resources market.
Mr Bendall announced in January “the formation of Tasmanian Oil and Gas Australia Pty Ltd, which includes EEGC, Alpha Prospects Plc (UK) and Derlite Ltd (Hong Kong) as main shareholders,” in a statement on the Empire Energy website.
Senator Whish-Wilson said Tasmanian Oil and Gas Ltd had previously made significant claims about the oil reserves in Tasmania and talked big about the likelihood of striking it rich for investors.
“However, this talk of riches never turned into reality and I have been contacted by a number of Tasmanians who lost their hard-earned money through investments in this Tasmanian oil dream,” Senator Whish-Wilson said.
“The Tasmanian Government has a duty to consider the financial resources available to a company before issuing an exploration licence.
“Aside from examining this aspect, I have asked ASIC to compel Tasmanian Oil and Gas Ltd to substantiate its claims that it is confident of discovering commercial petroleum and helium.
“If these claims can’t be substantiated, ASIC should issue a public warning notice about the company’s conduct.”
Representatives from Empire Energy and Tasmanian Oil and Gas did not respond to calls from the Sunday Tasmanian yesterday.
Tasmanian Oil and Gas has launched a new website.
“Due to the significant interest by the people of Tasmania in the activities of the company and the shareholders of the participating companies, the directors have resolved that the company will publish and maintain a website,” a statement on the website says.
The State Government has not made a decision on the licence yet despite, for months, saying a decision was imminent.
matthew.smith@news.com.au
MATT SMITH, State Political Editor, Sunday Tasmanian
August 27, 2016 10:00am
AUSTRALIA’S corporate watchdog has been asked to investigate a new venture wanting to explore for oil and gas in the state’s Central Highlands.
Tasmanian senator Peter Whish-Wilson has written to the Australian Securities and Investments Commission urging it to investigate Tasmanian Oil and Gas and its links with Empire Energy, the company operated by would-be oil baron Malcolm Bendall.
In January, the Sunday Tasmanian revealed a prominent Hobart church leader, Lucas Jacometti, was leading a renewed bid to explore the area previously spruiked by Mr Bendall as having an oil reserve the equivalent of a “rich Arab state”.
MORE: CHURCH LEADER’S OIL VISION FOR CENTRAL HIGHLANDS
Greens Senators Peter Whish-Wilson. Picture: LUKE BOWDEN
Mr Jacometti has since quit the church and his role as director of Tasmanian Oil and Gas.
Mr Bendall has said he was inspired to search for oil after a “vision from God” and it encouraged a raft of mum and dad investors into the resources market.
Mr Bendall announced in January “the formation of Tasmanian Oil and Gas Australia Pty Ltd, which includes EEGC, Alpha Prospects Plc (UK) and Derlite Ltd (Hong Kong) as main shareholders,” in a statement on the Empire Energy website.
Senator Whish-Wilson said Tasmanian Oil and Gas Ltd had previously made significant claims about the oil reserves in Tasmania and talked big about the likelihood of striking it rich for investors.
“However, this talk of riches never turned into reality and I have been contacted by a number of Tasmanians who lost their hard-earned money through investments in this Tasmanian oil dream,” Senator Whish-Wilson said.
“The Tasmanian Government has a duty to consider the financial resources available to a company before issuing an exploration licence.
“Aside from examining this aspect, I have asked ASIC to compel Tasmanian Oil and Gas Ltd to substantiate its claims that it is confident of discovering commercial petroleum and helium.
“If these claims can’t be substantiated, ASIC should issue a public warning notice about the company’s conduct.”
Representatives from Empire Energy and Tasmanian Oil and Gas did not respond to calls from the Sunday Tasmanian yesterday.
Tasmanian Oil and Gas has launched a new website.
“Due to the significant interest by the people of Tasmania in the activities of the company and the shareholders of the participating companies, the directors have resolved that the company will publish and maintain a website,” a statement on the website says.
The State Government has not made a decision on the licence yet despite, for months, saying a decision was imminent.
matthew.smith@news.com.au
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