Shale’s "next big play" draws Magnum Hunter to Australia

|About: Magnum Hunter Resources Corp. (MHRCQ)|By:, SA News Editor

Australia has the most attractive shale gas prospects outside North America, according to Magnum Hunter Resources (MHR -0.5%), which says it has scoured the world looking for deposits of the gas that has revolutionized energy supply in the U.S.

The Cooper Basin, straddling the border of South Australia and Queensland states, also has lured investment from Chevron (CVX) and BG Group (BRGYY, BRGXF) ahead of expected shortages of the fuel to feed more than $60B of liquefied natural gas projects in eastern Australia that will ship to Asia.

MHR recently agreed to become the largest shareholder of Australia's New Standard Energy, which will bring its technical expertise to its planned Cooper Basin exploration program.