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Australian Oil Company told the market yesterday that Eagle Bay had withdrawn a default notice, after AOC paid the cash call relating to the drilling of the Jasmin-1 well, which is expected to spud shortly in PEL 182.
Subsequently, AOC said it had farmed-out all its interests in this well to Enterprise Energy, subject to Eagle Bay’s pre-emptive rights under the joint operating agreement.
Following this, AOC said it would be reimbursed for most of the cash call.
The two parties met in the New South Wales Supreme Court yesterday, after Eagle Bay alleged AOC failed to pay its cash call obligation by the November 2 due date.
As a result, Eagle Bay issued AOC a default notice, which expired last week on November 15.
Disputing it was at fault, AOC obtained a court order preventing Eagle Bay from exercising certain rights against a defaulting party under the PEL 182 joint venture.
Eagle Bay is operator of the PEL 182 joint venture, which also involves Audax Resources and Dome Petroleum Resources.