Exploration and production company Mosman Oil and Gas has agreed on a farm-out deal for exploration permit (EP) 155 in the Amadeus basin of Australia’s Northern Territory.
Georgina Energy subsidiary Westmarket Oil & Gas has signed a deal with Mosman Oil and Gas to earn a 70% stake by investing in technical work programmes of the permit.
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Mosman said that it would retain a 30% working interest in the permit.
At the time of well drilling, the farminee could elect to carry Mosman through the cost of the well. In this scenario, Mosman would retain a 15% working interest in the EP 155 permit.
The exploration and production firm will receive an immediate A$15,000 ($9,760) payment for past-costs and a further A$15,000 ($9,760) will be payable once seismic data has been reprocessed.
Mosman Oil and Gas chairman John W Barr said: “We are pleased to have concluded the farmout on EPA 155 so that the project can be progressed at no cost to Mosman.
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By GlobalData“The Farminee interest is an endorsement of the potential of the permit area for both hydrocarbons and helium.”
Last November, Mosman Oil and Gas signed preliminary agreements for a potential joint venture (JV) for its Amadeus project.
The company announced the work progression with respect to EP 145 in July last year.
In September 2018, the company agreed to acquire two assets in East Texas, US as part of a strategic alliance with Baja Oil and Gas.
