Ocean Shield Spins Bit in Western Australia

Apache has commenced drilling the Bath-1 exploration well, located in the TL/2 Production License offshore Carnarvon Basin, Western Australia. Pan Pacific Petroleum, together with the other joint venture partners, are not participating in this well after evaluating the opportunity and determining that it does not meet the required risk-reward criteria. Under the TL/2 joint operating agreement, non-participating joint partners retain the right to participate in a successful discovery subject to back-in penalties. Apache Oil Australia serves as the operator of the license, holding a 51.8% interest; PPP NL holds 23.2%; Santos (BOL) holds 15%; and Tap (Shelfal) holds the remaining 10%.

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