Karoon Gas Australia Ltd. reported Friday that its wholly owned subsidiary Karoon Gas FPSO Pty Ltd. has entered into a Farm‐out Agreement to farm‐out a 50 percent interest in Carnarvon Basin Exploration Permit WA‐482‐P (the Permit) to Apache Northwest Pty Ltd a wholly owned subsidiary of Apache Corporation (Apache).
Pursuant to the Farm‐out Agreement, Apache will acquire a 50 percent interest in the Permit on the following terms:
”We are delighted to welcome Apache as a joint venture partner in the Permit. Apache is an established and significant operator in the Carnarvon Basin with an active 13 well off‐shore Western Australian drilling program in 2014.
Apache brings to the table an excellent track record of bringing projects into production in Australia and they are one of the largest suppliers of gas into the heavy industrial based Western Australian domestic gas market.
This transaction is a significant milestone for Karoon, and a further endorsement on Karoon’s ability to identify exciting, very large early stage exploration opportunities,” Robert Hosking, Executive Chairman said.
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