Sasol Nabs 30% Interest from JV's Exploration Permit Offshore Australia

Oilex Ltd., as Operator of Exploration Permit WA 388P, has advised that on August 12, 2008, the Joint Venture entered into a Farmout Agreement under which each party will assign a 6% participating interest in the Permit to Sasol Petroleum Australia Ltd. In return for its 30% participating interest, Sasol has agreed to bear 60% of certain costs associated with the acquisition of approximately 1,064 km2 of 3D seismic data in the Permit. The assignment is subject to obtaining necessary Government approval and registration.

The participating interests in the Permit before and after the assignment takes effect are as follows:

Joint Venture Party Existing Participating and Participating Interest after Interest Assignment

  • Oilex Ltd, Operator 20%; 14%
  • Hindustan Petroleum Corporation 20%; 14% Limited
  • Gujarat State Petroleum Corporation 20%; 14% Limited
  • Bharat PetroResources Limited 20%; 14%
  • Videocon Industries Limited 20%; 14%
  • Sasol Petroleum Australia Ltd 0%; 30%

Background: WA 388P is located in the outer Carnarvon Basin, offshore Western Australia and was awarded to the Joint Venture in August 2006 under a competitive offshore licensing round. The work commitment in the primary term of the license is for seismic reprocessing which has been completed and a 3D seismic survey which will be met in full on completion of the Rose Survey, anticipated to start within the next 10 days using the vessel Geowave Champion.

Related Companies
 Company: Gujarat State Petroleum Corp.more info
 - Oilex Commences Gas Production from Bhandut Field in Gujarat, India (Apr 8)
 - GeoGlobal Updates ANK 41-S Drilling In India (Dec 22)
 - Spartan Offshore Wins Newbuild Platform Contract from GSPC (Jul 22)
 Company: Sasol Limitedmore info
 - South Africa's Sasol: No Impact on its Refineries from Strike (Jul 28)
 - South Africa Oil Workers' Strike Could Hit Refineries (Jul 27)
 - Falcon O&G Provides Update on Drilling Ops in Beetaloo Basin in Australia (Jul 26)
 Company: Bharat Petroleummore info
 - India's Oil Addiction to Vault Nation Into Top 3 Global Guzzlers (Jun 4)
 - Norwest to Conduct Seismic Survey at Arrowsmith in Perth Basin (Mar 5)
 - Petrobras and Indian Partners Find More Oil in Brazil (Jan 9)
 Company: Videocon Industriesmore info
 - Petrobras' Indian Partners Fight Delay In Troubled Brazil Oil Project (Jul 4)
 - India's Videocon Considers Divesting Upstream Assets to Repay Debts (Jun 13)
 - Timor-Leste Issues Termination Notice for PSC JPDA 06-103 (Jul 16)
 Company: Hindustan Petroleummore info
 - Battle of Three Oil Benchmarks Upending Crude Flows Across Globe (Feb 5)
 - AWE Completes Partial Sale of Stakes in 2 Bass Basin Permits to HPCL (Nov 5)
 - HPCL's Unit Acquires Stakes in 2 Bass Basin Permits from AWE for $74M (Jan 28)
 Company: Oilex Ltd more info
 - Oilex Looks to up Cambay Stake to 100% (Dec 13)
 - Oilex Progressing Work Plan to Unlock Gas Resources in India's Cambay Block (Jun 27)
 - Australia's Oilex, Zeta Resources Agree to Terminate Legal Proceedings (Jun 8)

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Contracts Administration|Planner / Scheduler|Project Management
Location: Henderson, CO
Project Manager (Subs)
Expertise: Project Management
Location: Bremerton, WA
United States Broussard: Field Engineer I - Optimization
Expertise: Field Development|Geologist
Location: Broussard, LA
search for more jobs

Brent Crude Oil : $45.54/BBL 0.70%
Light Crude Oil : $43.01/BBL 0.63%
Natural Gas : $2.929/MMBtu 1.34%
Updated in last 24 hours