The agreement is subject to a mutually acceptable farmout agreement and Century and Concordia have six months from the date of signing the formal farmout agreement to complete the PSDM processing and interpretation.
Century and Concordia are focussed on the existing discovered oil pools on the Puffin Horst and using their experience in the Gulf of Mexico to bring these fields on stream cheaply and effectively.
West Oil managing director Mr Charles Morgan said "West Oil welcomes the entrance of Century and Concordia into the Vulcan Sub-Basin. The low cost structures of companies such as Century and Concordia are likely to lead to the development of the fields in AC/P22."
Norwest Energy NL also has a 50% interest in AC/P22.
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