NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
June 2014	1 September 2014
September 2014	1 December 2014
December 2014	2 March 2015
March 2015	1 June 2015

CHANGES TO THIS ISSUE

There are no changes to this issue.


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Tony Mitchell on Sydney (02) 9268 4044.


SUMMARY COMMENTARY


MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)


TOTAL EXPENDITURE

The trend estimate for total mineral exploration expenditure fell 8.3% (or -$44.2m) to $487.7m in the March quarter 2014. The largest contributor to the fall in the trend estimate this quarter was Western Australia (down 14.9% or -$44.8m). The current quarter estimate is 34.1% lower than the March quarter 2013 estimate.

The seasonally adjusted estimate for mineral exploration expenditure fell 9.2% (or -$48.9m) to $480.2m in the March quarter 2014. The largest contributor to the fall this quarter was Western Australia (down 19.6% or -$58.8m).

In original terms, mineral exploration expenditure fell 25.5% (or -$139.4m) to $408.0m in the March quarter 2014. Exploration on areas of new deposits fell 31.0% (or -$54.4m) and expenditure on areas of existing deposits fell 22.8% (or -$85.0m).

In original terms, the largest fall by minerals sought came from expenditure on iron ore exploration (down 37.5% or -$69.0m). The next largest fall came from expenditure on gold exploration (down 29.9% or -$34.8m).

METRES DRILLED

The trend estimate for metres drilled fell 4.8% in the March quarter 2014. The current quarter estimate is 20.6% lower than the March quarter 2013 estimate.

The seasonally adjusted estimate for metres drilled fell 12.9% in the March quarter 2014.

In original terms, metres drilled fell 34.9%. Drilling in areas of new deposits fell 24.2% and drilling in areas of existing deposits fell 38.0%.

PETROLEUM EXPLORATION


TOTAL EXPENDITURE

The trend estimate for total petroleum exploration expenditure rose 0.5% (or $5.7m) to $1094.8m in the March quarter 2014. Exploration expenditure on production leases rose 10.4% (or $39.1m), while exploration expenditure on all other areas fell 4.3% (or -$30.8m).

The seasonally adjusted estimate for total petroleum exploration expenditure rose 10.8% (or $110.9m) to $1139.5m in the March quarter 2014. Exploration expenditure on production leases rose 33.4% (or $116.5m) and exploration expenditure on all other areas fell 0.8% (or -$5.6m).

The largest contributor to the rise in the trend estimate was South Australia (up 8.0% or $6.8m) and the largest contributor to the rise in the seasonally adjusted estimate was Western Australia (up 16.8% or $107.8m).

ONSHORE

The trend estimate for onshore petroleum exploration expenditure fell 5.1% (or -$15.5m) to $287.0m in the March quarter 2014. Expenditure on drilling rose 2.1% (or $3.8m), while other onshore petroleum exploration expenditure rose 7.7% (or $8.6m).

The seasonally adjusted estimate for onshore petroleum exploration expenditure rose 24.3% (or $65.4m) to $334.2m in the March quarter 2014. Expenditure on drilling rose 24.3% (or $39.8m), while other onshore petroleum exploration rose 24.5% (or $25.7m).

OFFSHORE

The trend estimate for offshore petroleum exploration expenditure fell 0.9% (or -$7.2m) to $788.0m in the March quarter 2014. Expenditure on drilling fell 4.7% (or -$29.6m), while other offshore petroleum exploration expenditure rose 13.9% (or $22.4m).

The seasonally adjusted estimate for offshore petroleum exploration expenditure rose 6.0% (or $45.5m) to $805.3m in the March quarter 2014. Expenditure on drilling fell 2.8% (or -$17.1m), while other offshore petroleum exploration expenditure rose 42.4% (or $62.6m).