Apache Decides Not to Farm-in to AC/P50, AC/P51 Permits in Australia

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.”


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Fabrication Project Superintendent
Expertise: Fabrication|Project Management
Location: Houma, LA
Senior Vice President, Operations
Expertise: Executive|Operations Management
Location: Houston, TX
Sr. Contract Specialist
Expertise: Contracts Administration|Contracts Engineer|Legal
Location: Chesterfield, MO
search for more jobs

Brent Crude Oil : $52.72/BBL 3.31%
Light Crude Oil : $48.51/BBL 3.01%
Natural Gas : $2.89/MMBtu 1.36%
Updated in last 24 hours