MEO Australia has received $39m from Petrobras to gain a 50% stake in the WA-360-P permit under a farm-in agreement in the offshore Carnarvon Basin, Western Australia.

The cash consideration includes $7.5m of seismic-related back costs and the first $31.5m cash bonus.

MEO will proceed to settle a transaction with Moby Oil to acquire a 5% participating interest in WA-360-P for $7m, of which $1.5m has already been paid as a deposit.

After the transaction is closed MEO will hold a 25% interest in WA-360-P, with Moby retaining a 10% interest and Cue Energy Resources holding the remaining 15%.