Perth-based oil and gas company Coretrack Ltd has entered the shale oil and gas market with an agreement to buy Queensland-based proppant developer Ecopropp.
Coretrack said in a statement horizontal deep oil and gas wells require about $1 million to $3 million worth of proppants.
“The major commodity used in any oil and gas fracking operation is ‘proppants’ and we feel that the unique proppant developed by Ecopropp has the potential to lead the industry given its ultra-light weight and ability to withstand the very high pressures in deep wells,” said Coretrack chair Matt Birney in a statement.
Private hospital buys AWA
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Private hospital Cabrini Health has bought information and communications technology company AWA Ltd.
Joint administrator Alan Walker says Cabrini will retain about 130 AWA Ltd’s staff members.
Cabrini Health chief executive Dr Michael Walsh said the organisation is confident of a positive future for AWA.
“We are committed to continuing to maintain the AWA brand and reputation as a specialist in information technology services. We will retain all existing contracts and strive to build on existing relationships and services. AWA’s management has been exploring many new opportunities. These, together with new ideas from Cabrini will see AWA prosper,” he said in a statement.
Aussie share market off to slow start
Wall Street closed on a high last week but Australia’s share market is off to a slow start.
The benchmark S&P/ASX200 index was down 18.74 points to 5442.4 just before midnight. In the US, the Dow Jones Industrial Average rose 32.37 points or 0.20% to 16,583.3.
CMC Markets chief market analyst Ric Spooner says the federal budget and China’s release of its April economic statistics should drive the week’s market.