Pilot Energy Inks Deal to Acquire Murphy's Stake in Permit WA-481-P Off WA

Pilot Energy Ltd. reported Wednesday that it has inked an agreement with Murphy Australia to acquire 100 percent interest in exploration permit WA-481-P, located in the offshore North Perth Basin, Western Australia.

Murphy will assign the interest to the Australian junior oil and gas exploration firm in return for getting a net profit interest on any future hydrocarbon production from within the permit. Pilot Energy's interests in permit WA-481-P was triggered as a result of its collaboration with Key Petroleum Ltd., its joint venture partner in the onshore EP437 permit, which lies around 6.2 miles (10 kilometers) to the east of WA-481-P. The cooperation agreement with Pilot Energy gives Key Petroleum the right to acquire a 40 percent stake in the offshore block.

The shallow water WA-481-P permit is located near the onshore Dongara, Beharra Springs and Waitsia gas fields and the onshore Jingmia & Hovea oil field as well as the offshore Cliff Head oil field. The block's primary petroleum plays are oil and/or gas within the Dongara Sandstone and the Irwin River Coal Measures. Oil and gas have been found within the permit, with the Frankland gas and Dunsborough oil discoveries representing contingent resources.

The acquisition is subject to approval of the National Offshore Petroleum Titles Administrator.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

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
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Farstad Shipping Sells AHTS Lady Sandr... (Sep 27)
 -  Real Energy Prepares for Tamarama-1 We... (Sep 27)
 -  Trelleborg Appoints Unique Group as it... (Sep 27)
 -  Baron Oil, SundaGas Form JV to Explore... (Sep 26)
 -  Aminex Secures Rig to Drill Ntorya-2 W... (Sep 26)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager I
Expertise: Corrosion Engineering|Pipe Inspection / NDT|Project Management
Location: San Diego, CA
 
Regional Director, Construction and Line Operations (Amarillo, TX) Job
Expertise: Construction Manager|Operations Management|Risk Management
Location: Amarillo, TX
 
Regional Director, Construction and Line Operations (Denver, CO) Job
Expertise: Construction Manager|Operations Management|Risk Management
Location: Henderson, CO
 
search for more jobs

Brent Crude Oil : $47.35/BBL 3.18%
Light Crude Oil : $45.93/BBL 3.25%
Natural Gas : $2.99/MMBtu 1.01%
Updated in last 24 hours