ADELAIDE, Australia – Rampart Energy Ltd. (ASX: RTD) has secured the rights to an 80% working interest, as operator, in the newly released exploration permit WA-507-P, located within the Northern Carnarvon basin off the Northwest Shelf of Australia.
Block WA-507-P covers 1,622 sq km (626 sq mi) over the Exmouth Plateau, some 300 km (186 mi) offshore Western Australia, in water depths of 1,000–1,500 m (3,280–4,920 ft). The area is covered by an existing 3D seismic dataset, that shows a number of large structures, ranging from 60 sq km (23 sq ft) to 280 sq km (108 sq mi) in area.
Rampart is partnered in the permit by Black Swan Resources Pty Ltd., which owns the remaining 20% interest and will be carried by Rampart for the first three years of the permit.
Assignment of the 80% working interest to Rampart is subject to approval by the National Offshore Petroleum Titles Administrator (NOPTA).