Japan's Inpex to buy stakes in Aussie permits

By OGJ editors
HOUSTON, Aug. 1 -- Inpex Holdings Inc. of Japan is buying stakes in three exploration permits off Western Australia, subject to Australian government approvals. Various sellers are involved in the acquisitions.

Inpex is buying a 35% interest in oil-prone WA-357-P license from permit operator Apache Corp. WA-357-P covers 481 sq km in 200-500 m of water.

The gas-condensate properties are in Browse basin where Inpex plans to drill next year. Inpex bought 20% interest each in WA-274-P and WA-281-P off the North West Shelf.

The WA-274-P license covers 2,760 sq km in 300-500 m of water. Inpex Browse acquired a 20% stake from operator Coveyork Pty. Ltd., a wholly owned subsidiary of Santos Ltd.

The adjacent WA-281-P license covers 2,340 sq km in 150-450 m of water. Inpex acquired 17.34% interest from Santos Offshore Pty. Ltd. and 2.66% interest from Beach Petroleum Ltd.

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