Woodside Petroleum has completed a farm-in agreement with BHP Billiton Petroleum for the Banambu Deep prospect, offshore of Western Australia.
Under the terms of the deal, BHP will acquire a 40% participating interest in the WA-389-P permit and will pay up to a capped amount for 100% of the drilling of the prospect.
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Once the transaction secures government approval, Woodside will hold a 25% stake in the project, while Cue Energy Resources will retain a 35% stake in the project.
A comprehensive study of seismic data of permit WA-389-P led to the identification of the Banambu Deep-1 target.
It included 1,440km² of new 3D seismic data acquired and processed last year, which was merged with existing 3D data available in the block to select the target.
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