Agreement signed to farm out permit in Exmouth Sub-basin
Rialto Energy has entered into a farm out deal with Jacka Resources to divest a 20 per cent participating interest in WA-399-P, which lies in the Exmouth Sub-basin.The terms of the agreement include Jacka paying Rialto's backcosts and a promoted carry on the upcoming seismic acquisition to fulfil the minimum work obligation.
WA-399-P lies adjacent to BHP Billiton-Apache Energy joint venture, Pyrenees which has recently turned on the tap from its Crosby, Stickle and Ravensworth fields.
Rialto and operator, Canarvon Petroleum, were awarded WA-399-P in 2007.
In 2008, the joint venture reprocessed over 500km of existing 2D seismic data. During 2009, detailed re-interpretation and integration of existing 2D seismis and well data provided a critical new insight into a possible extension of the nearby producing Macedon play into WA-399-P.
Further seismic acquisition is being planned by the joint venture to assess and de-risk the prospect portfolio.
On completion of the farmout agreement, the joint venture will comprise Canarvon (50 per cent), Rialto (30 per cent) and Jacka (20 per cent).
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