SUMMARY COMMENTARY


MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)


TOTAL EXPENDITURE

The trend estimate for total mineral exploration expenditure increased 4.7% ($17.7m) to $392.1m in the March quarter 2017. The largest contributor to the increase in the trend estimate this quarter was Western Australia (up 6.8%, $16.9m). The current quarter estimate is 12.2% higher than the March quarter 2016 estimate.

The seasonally adjusted estimate for mineral exploration expenditure rose 5.2% ($19.4m) to $395.3m in the March quarter 2017. The largest contributor to the rise this quarter was Western Australia (up 7.1%, $17.7m).

In original terms, mineral exploration expenditure fell 16.2% (-$65.5m) to $337.6m in the March quarter 2017. Exploration on areas of new deposits fell 21.4% (-$28.0m) and expenditure on areas of existing deposits fell 13.8% (-$37.5m).

In original terms, the largest decrease by minerals sought came from expenditure on gold (down 14.9%, -$27.1m).

METRES DRILLED

The trend estimate for metres drilled rose 6.3% in the March quarter 2017. The current quarter estimate is 17.4% higher than the March quarter 2016 estimate.

The seasonally adjusted estimate for metres drilled rose 13.7% in the March quarter 2017.

In original terms, metres drilled fell 13.7%. Drilling in areas of new deposits fell 26.6% and drilling in areas of existing deposits fell 5.6%.

PETROLEUM EXPLORATION


TOTAL EXPENDITURE

The trend estimate for total petroleum exploration expenditure rose 2.2% ($7.2m) to $339.6m in the March quarter 2017. Exploration expenditure on production leases fell 4.1% (-$1.2m) and exploration expenditure on all other areas rose 2.3% ($6.9m).

The seasonally adjusted estimate for total petroleum exploration expenditure rose 4.9% ($15.9m) to $338.5m in the March quarter 2017. Exploration expenditure on production leases rose 68.9% ($15.5m) and exploration expenditure on all other areas rose 0.1% ($0.4m).

The largest contributor to the increase in the trend estimate was Northern Territory (up 37.8%, $28.4m) and the largest contributor to the rise in the seasonally adjusted estimate was Northern Territory (up 259.7%, $101.8m).

ONSHORE

The trend estimate for onshore petroleum exploration expenditure rose 21.4% ($20.9m) to $118.5m in the March quarter 2017. Expenditure on drilling rose 29.1% ($15.1m) and other onshore petroleum exploration expenditure rose 12.0% ($5.5m).

The seasonally adjusted estimate for onshore petroleum exploration expenditure rose 86.9% ($64.2m) to $138.1m in the March quarter 2017. Expenditure on drilling rose 81.7% ($34.9m) and other onshore petroleum exploration rose 93.9% ($29.3m).

OFFSHORE

The trend estimate for offshore petroleum exploration expenditure fell 5.5% (-$12.9m) to $221.8m in the March quarter 2017. Expenditure on drilling fell 4.7% (-$5.9m) and other offshore petroleum exploration expenditure fell 6.5% (-$7.0m).

The seasonally adjusted estimate for offshore petroleum exploration expenditure fell 19.4% (-$48.3m) to $200.4m in the March quarter 2017. Expenditure on drilling fell 13.2% (-$17.8m) and other offshore petroleum exploration expenditure fell 26.8% (-$30.4m).

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
June 2017	4 September 2017
September 2017	4 December 2017
December 2017	5 March 2018
March 2018	4 June 2018

CHANGES TO THE CURRENT ISSUE

• There are no changes to this issue.

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