Note 7: Exploration and evaluation costs	3 Months Ended
Mar. 31, 2012
Oil and Gas Exploration and Production Industries Disclosures [Text Block]	Note 7: Exploration and evaluation costs At March 31, 2012 Alpha’s share of drilling costs of the Cornea-3 exploration well in WA-342-P, on behalf of its subsidiary Cornea Oil and Gas Pty Ltd, was $1,527,943. The well was drilled from December 11, 2009 to December 28, 2009. Overall, the results of Cornea-3 have defined an oil column in that location. Looking forward, the data obtained from Cornea-3 should enable the Cornea Joint Venture to formulate a future exploration, appraisal and development strategy. On this basis the costs of the well continue to be capitalized.

Note 7: Exploration and evaluation costs

3 Months Ended

Mar. 31, 2012

Oil and Gas Exploration and Production Industries Disclosures [Text Block]

Note 7: Exploration and evaluation costs

At March 31, 2012 Alpha’s share of drilling costs of the Cornea-3 exploration well in WA-342-P, on behalf of its subsidiary Cornea Oil and Gas Pty Ltd, was $1,527,943. The well was drilled from December 11, 2009 to December 28, 2009. Overall, the results of Cornea-3 have defined an oil column in that location. Looking forward, the data obtained from Cornea-3 should enable the Cornea Joint Venture to formulate a future exploration, appraisal and development strategy. On this basis the costs of the well continue to be capitalized.

AUSTRALIAN OIL & GAS CORP 10-Q