Carnarvon and Rialto being the current joint venture partners in the WA-399-P exploration permit are pleased to announce the farm out of a proportion of their interests in the permit to Apache and Jacka Resources on the terms outlined below.
The WA-399-P exploration permit is situated offshore Western Australia within the Exmouth Sub-basin. The block is adjacent to the Pyrenees Oil development, a Joint Venture between BHP Billiton and Apache, which commenced oil production in March 2010. Nearby, there are several producing oil fields including Enfield, Vincent/Van Gogh as well as Macedon gas field and a number of other oil field discoveries as set out below.
The farmout to Apache comprises Apache undertaking, at its sole cost, a 3D seismic survey, which will fulfil the Year 2 and 3 work
Apache plan to acquire the 3D seismic data over the permit in late 2010. The 3D seismic data acquisition exceeds the existing minimum exploration commitment obligation under the exploration permit’s terms. The advanced acquisition and processing of the new 3D seismic data will enable the Joint Venture to further de-risk a number of existing prospects that have already been mapped within
The farm out to Apache crystallises the following benefits:-
Immediately following the farm out to Apache, Rialto and Jacka will complete their previously announced farm out and Carnarvon and Jacka will exchange a 7% working interest in consideration for Jacka making a cash payment to Carnarvon. Following completion of the respective farm in obligations the Joint Venture partners’ respective interests will be as follows:
Carnarvon's CEO, Mr Ted Jacobson said in reference to this announcement, "We are pleased to introduce the new partners to the Joint Venture and look forward to working with them in assessing the geological prospectivity of this permit. This opportunity provides
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