Apache farms into Carnarvon basin acreage
Apache Energy has made three new farm-in deals to expand its Western Australian offshore footprint.
MELBOURNE, Oct. 21 -- Apache Energy has made three new farm-in deals to expand its Western Australian offshore footprint.
The company has farmed into Finder Exploration’s WA-418-P permit, which lies in the northern Dampier subbasin as well as into Cue Energy’s WA-359-P and Cue Energy/Moby Oil & Gas’s WA-409-P.
Apache will earn 65% interest in the Finder permit via a cash payment that includes recovery of past exploration costs of an extensive 3D seismic data set covering the primary prospects. The undisclosed sum will also fund the drilling of an exploration well.
WA-418-P contains three wells and is surrounded by Mutineer-Exeter and Fletcher oil fields. The North Rankin gas-condensate province is nearby.
In the Cue and Moby deals Apache will shoot a 3D seismic survey over both permits, beginning next January, to earn a 40% interest and operatorship of WA-359-P and WA-409-P.
Apache can earn additional interest by free-carrying Moby and Cue through the first well on each block.
If Apache does drill a well in each permit, the Moby and Cue stakes would reduce to 15%. Cue has the right to retain a 20% interest in both permits by funding 5% of the well costs, while Moby has the right to do the same for its WA-409-P.