Billionaire invests $47mil in exploration well

Posted on 19/01/2009  

Billionaire Clive Palmer has made what has been described as "the largest single personal investment in Australian corporate history" - spending $47 million to buy a stake in MEO Australia, an oil and gas exploration company based in Melbourne. The company's Zeus-1 gas exploration well in Western Australia's Carnarvon Basin is creating most interest and Palmer's investment will fund 80% of the drilling.

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