New Zealand Oil & Gas Limited (NZO) has executed a binding Term Sheet with ASX listed energy company, Triangle Energy (Global) Ltd (Triangle) to acquire a 25% interest in two Western Australian onshore Production License L7 and Exploration Permit EP 437.
NZO will contribute A$1.9 million towards past expenditure on the recently acquired Bookara 3D seismic data, and will fund exploration activities for up to 3 wells, with Triangle appointed as Operator of the joint venture once established.
The exploration wells will target the Early Permian-aged reservoirs, which are analogous to recent discoveries in adjacent permits.
The agreement is subject to conditions, including final due diligence and regulatory approvals.
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