Apache agrees cost spread for offshore Australia wells

Offshore staff

PERTH, Australia -- Carnarvon Petroleum (ASX:CVN) has secured additional funding for planned wells on Australia’s North West Shelf.

Apache has agreed to fund Carnarvon’s share of costs for the Phoenix South-1 and Roc wells up to an increased cap of $70 million gross per well.

Carnarvon has a 20% interest in the surrounding WA-435-P and WA-437-P permits.

If Apache exercises an option to take a 40% stake in the concessions from Carnarvon and partner Finder before July 3 2014, it will become operator.

12/30/2013

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