Rampart Energy Ltd. has secured rights to an 80% working interest as operator in exploration permit WA-503-P offshore Western Australia, through an agreement with Neon Energy Ltd. and partner Black Swan Resources Pty Ltd.
Subject to the approval of the National Offshore Petroleum Titles Administrator (NOPTA), Rampart will be assigned the 80% interest in WA-503-P in consideration for assuming Neon Energy's commitments pertaining to the permit.
Block WA-503-P is located offshore Western Australia within the Dampier sub-basin, inboard of the giant Northwest Shelf complex and on trend with numerous oil and gas discoveries, including the Legendre and Hurricane fields. The shallow water depth across the block allows for drilling by lower-cost jackups.
Black Swan will hold 20% interest in WA-503-P, and the agreement with Neon Energy requires that Rampart must carry Black Swan throughout the primary term of the permit.