Australia's Rampart Energy Ltd. 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.
This new asset signifies a change of strategy for Rampart, aimed at developing a new and balanced portfolio of exploration assets, on appropriate commercial terms. As the first addition to the new portfolio, Block WA-507-P represents a long-term, low-cost opportunity with significant potential upside.
Block WA-507-P covers an area of 626 square miles (1,622 square kilometers) over the Exmouth Plateau, some 186 miles (300 kilometers) offshore Western Australia, in water depths of 3,280 to 4,921 feet (1,000 to 1,500 meters).
Rampart is partnered in the permit by Black Swan Resources Pty Ltd., which owns the remaining 20% interest in the block 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).