Linc Energy Ltd Chief Executive Officer Peter Bond told Bloomberg it was in talks with two groups for its shale exploration project in Australia. One of the groups was an oil services company based in the US.

In a phone interview, Bond said his company was slated to begin drilling its five wells in its shale oil properties in February. The properties are located in the Arckaringa Basin in South Australia. The initial drilling cost was pegged at AUD 15 million.

He said they would begin drilling on the hope that one of the groups they were in talks with would be able to join them between now and early in 2014. Bond also said in March that the company was looking for a partner who would be able to provide AUD 300 million in funds for the exploration. One of the groups they were talking with consisted of two overseas energy investment firms. He said that this group had expressed interest in buying a stake in the shale project.