Karoon Gas farms out WA-482-P stake to Apache

Karoon Gas Australia Ltd.

Karoon Gas Australia Ltd. reports that its wholly owned subsidiary Karoon Gas FPSO Pty Ltd. has agreed to farm out a 50% interest in Carnarvon Basin Exploration Permit WA‐482‐P to Apache Northwest Pty. Ltd., a wholly owned subsidiary of Apache Corp.

Pursuant to the farm‐out areement, Apache will acquire a 50% interest in the permit on the following terms: It will pay Karoon US$9.04 million in reimbursement of seismic acquisition costs; fund 90% of the drilling costs for one exploration well capped at a value of $63 million (this exploration well will fulfill the Permit Year 3 work obligations); assume operatorship of the permit; and commit to drill an exploration well in the first half of 2015.

Apache is an established and significant operator in the Carnarvon Basin, with a 13-well drilling program offshore Western Australian.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...