Perth-based exploration company Norwest Energy NL has acquired a farmout on Exploration Permit 364 in Australia's Carnarvon basin, inshore from the Chervil and Saladin oil fields. Norwest will earn a 10% interest from operator Tap Oil NL and Australian Worldwide Exploration Ltd. in exchange for funding a wildcat, Lindsay-1, during the fourth quarter of this year.
The prospect is a basal Cretaceous stratigraphic-structural play on the eastern shelf margin of the Barrow sub-basin identified by a large seismic amplitude anomaly. It is a shallow-depth (510 m), shallow-water (14 m) prospect.
Tap currently owns a 55% stake in EP-364 and AWE, 45%.
Meanwhile, Melbourne-based firm Cue Energy NL has sold its 17.65% interest in Carnarvon basin permit EP-363 to Apache Energy Ltd.
Apache will pay all of Cue�s ongoing costs and will grant Cue an option to acquire a 10% interest in every production license derived from the permit. The option can be exercised after Apache has recovered, from the sale of petroleum from each license, an amount equal to twice its payments related to the option interest.
