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
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.
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