As previously announced to the Australian Stock Exchange, Bass and IOR have earned the right to farm-in through their participation in the drilling of the Pritchard-1 well in PEP 151. Because farm-in obligations in PEP 151 have been met, Bass and IOR will each be assigned a 25% interest in the permit.
Following the execution of deeds of assignment and assumption, the participants in the PEP 151 Joint Venture will be:
--Essential Petroleum Resources Limited, 50% (Operator) --Inland Oil Resources Pty Ltd, 25% --Bass Strait Oil Co. Limited, 25%
In PEP150 each company will earn a 15% interest by contributing to the drilling of a well in the permit on promoted terms. Following the execution of farmout agreements, the participants in the PEP 150 Joint Venture will be:
--Beach Petroleum Limited, 50% (Operator) --Essential Petroleum Resources Limited, 20% --Inland Oil Resources Pty Ltd 15% --Bass Strait Oil Co. Limited, 15%.
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