3D Oil farms out exploration permit to ConocoPhillips Australia
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
Under the terms of the joint operating agreement (JOA), COP will hold an 80% interest in the permit and become operator. As previously announced, pursuant to the farm-out agreement (FOA), TDO will receive a AUS$5 million cash payment in recognition of previous permit expenditure and COP will undertake the acquisition of a 3D seismic survey of not less than 1580 km2 within the permit to which TDO will make no financial contribution.
Upon completion of the acquisition, processing and interpretation of the 3D seismic survey, COP may elect to drill an exploration well which will fulfill the current Year 6 work programme obligation. In the event COP elects to drill such exploration well, TDO will be carried for up to US$30 million in drilling costs after which it will contribute 20% of drilling costs in line with its interest in the permit.
Read the article online at: https://www.oilfieldtechnology.com/exploration/11062020/3d-oil-farms-out-exploration-permit-to-conocophillips-australia/
You might also like
Wood Mackenzie: six-country international shale priority list for energy security as Middle East conflict drives supply diversification
Middle East conflict has elevated strategic energy security priorities as countries seek supply diversification, international shale exploration can play a key role in meeting those goals, according to new research from Wood Mackenzie, titled “A hydrocarbon copy: the upstream industry’s return to international shale exploration”.