Exxon (NYSE:XOM) Strikes Oil, Natural Gas at Bass Strait

ExxonMobil (NYSE:XOM) has struck oil and natural gas at its Bass Strait site in southeastern Australia, where they are in a joint venture with BHP Billiton (NYSE:BHP).

The well striking oil and gas, located in the prolific Gippsland Basin, hasn't been confirmed as whether or not it's commercial, but if it is like similar wells in the area, it has a strong possibility that it is, although we'll have to wait for confirmation on that.

Exxon and BHP Billiton are 50/50 partners in the venture, with Exxon being the operating partner.