MEO Australia Limited reported Wednesday that Apache Northwest Pty Ltd (Apache) has elected not to exercise its option to farm-in to the AC/P50 and AC/P51 exploration permits in the Vulcan Sub-Basin offshore northern Australia.
Under the Option Agreement signed in June, Apache had until Sept. 30 to elect to potentially acquire a 70 percent interest in the permits at their renewal, scheduled for April 2015 (refer ASX Release June 25).
MEO’s CEO and MD Jurgen Hendrich commented on the announcement:
“While seeing this option lapse is clearly disappointing, we will continue to remain receptive to potential 3rd party farmin offers in the period leading up to permit renewal in April 2015.”
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