Australian Oil subsidiary Los Alamos Oil (LOA) has entered into a farm-in agreement for a leased area measuring 12.5km² in California, US.
Under the terms of agreement, LOA will pay 75% of the cost of a completed producing well to earn a 75% interest in the total leased area, which is located in Los Alamos, Santa Barbara County.
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After the repayment of the cost of drilling and completing the well, LOA’s interest will reduce to 56.25%.
The firm will drill the well to a depth of 12,000ft in September 2011.
LOA has an option to farm-in into an additional 7.2km² area adjacent to the leased area.
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By GlobalData
