Australia Mineral, Energy Exploration Spend Rose In 4Q Vs 3Q

CANBERRA -(Dow Jones)- Spending on exploration for mineral and energy resources rose in the fourth quarter of 2009 from the third quarter, the Australian Bureau of Statistics said Wednesday.

A trend estimate for total mineral exploration expenditure rose 4.7% on quarter to A$526.9 million in the fourth quarter but still was 9.4% lower than the year-earlier period, the ABS said in a quarterly publication.

Spending on petroleum exploration in the 2009 fourth quarter rose 3.7% on quarter to A$827.0 million.

In the latest period, spending on exploration on production leases fell 41% while exploration in all other areas rose 32%.

Spending on offshore oil and gas exploration fell 5.3% in the fourth quarter while onshore exploration expenditure rose 43% in the period.

-By Ray Brindal, Dow Jones Newswires; 612-6208-0902; ray.brindal@dowjones.com

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  03-09-102031ET
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