Rialto, Carnarvon get new partner for NWS permit
RIALTO Energy has entered into an agreement with private company Jacka Resources to farm-out a 20% interest in WA-399-P, which lies in the Exmouth Sub-basin on Western Australia’s North West Shelf.
Under the farm-out, Jacka Resources will pay for Rialto’s back costs and the upcoming seismic acquisition.
WA-399-P is operated by Carnarvon Petroleum and covers an area of 52 square kilometres.
The permit is located between BHP’s producing Pyrenees and Macedon oil and gas fields.
Interpretation of 2D seismic carried out in 2008 has suggested a possible extension of the producing Macedon play into WA-399-P.
Rialto managing director Brett Woods said the farm-out was a clear acknowledgement of the technical work the company had carried out to identify an exciting prospect and the willingness of a like-minded company to join the joint venture.
Rialto said the JV was in the process of planning further seismic acquisition to fully assess and derisk the prospect portfolio.
The farm-out is subject to JV and government approval. Once complete, the JV will comprise Carnarvon Petroleum (50% and operator), Rialto Energy (30%) and Jacka Resources (20%).
Wednesday, 10 March 2010
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