Petrofac Acquires Stake in Offshore Australia Permit

Petrofac on Monday said that its Resources division has farmed into 10% of Permit NT/P68, 300 km NNW of Darwin in Australian waters. MEO Australia Limited owns the remaining 90% of the permit. The investment is conditional upon, inter alia, the approval of the assignment by the relevant governmental authorities.

Permit NT/P68 extends over an area of 12,070 km2 and within it the Heron-1 well was drilled in 1972 and had several interpreted hydrocarbon-bearing zones, the most significant being in the Darwin Formation. The terms of the farm-in require funding a portion of two appraisal wells to be drilled in 2007. Petrofac will become operator for any follow-on delineation, development and production periods.

Subject to the results of the appraisal program, it is anticipated that the accumulations in the block may be of sufficient size to be commercialized either by pipeline to the mainland or to the Tassie Shoal LNG project.

Amjad Bseisu, Chief Executive of Petrofac Resources, said: "This farm-in commitment provides Petrofac with a low-risk opportunity to gain an operator position in a potentially significant offshore development which may incorporate an LNG facility. We look forward to bringing our engineering and operating capabilities to this exciting development."

Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Through its three divisions, Engineering & Construction, Operations Services and Resources, Petrofac designs and builds oil & gas facilities; operates, maintains or manages facilities and trains personnel; and, where return criteria are met and service revenue synergies identified, co-invests with clients and partners. Petrofac's range of services allows it to help meet its customers' needs across the life cycle of oil & gas assets. With more than 9,000 employees, Petrofac operates out of four strategically located international centers, in Aberdeen, Sharjah, Woking and Mumbai and a further 16 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth of Independent States (CIS) and the Asia Pacific region.

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