The term of the licence has now been extended until February 24, 2007.
“This suspension will enable the permit to remain in good-standing whilst arrangements are made to satisfy the Permit Year 6 work program commitment,” Great Artesian said.
The company has advised its farminee – Oilex – that it is to conclude its negotiations for a farm-in and joint venture terms by not later than January 27, 2006.
“Providing the parties conclude negotiations and once the required farmin well has been funded by Oilex, Oilex will have a 60% participating interest and Great Artesian a 40% participating interest in EPP 27,” Great Artesian said.
