New Zealand Oil & Gas has signed a binding Farm Out Agreement with Triangle Energy (Global) Ltd.
to acquire a 25% participating interest in the L7 Production License and the EP 437 Exploration Permit in the Perth Basin.
The agreement includes New Zealand Oil & Gas paying A$1.9 million in back costs and funding an uplift on the costs of three exploration wells to be drilled in 2024.
The exploration wells will target Early Permian-aged reservoirs identified by the Bookara 3D seismic survey, which are analogous to recent discoveries in adjacent permits.
The cost of all existing rehabilitation and restoration obligations for the permits will be borne exclusively by Triangle.
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