AUSTRALIA

Eagle Bay wins PEL 182 dispute

A LEGAL dispute between Eagle Bay Resources and one of its Cooper Basin partners that ended up in...

This article is 17 years old. Images might not display.

Australian Oil Company told the market yesterday that Eagle Bay had withdrawn a default notice, after AOC paid the cash call relating to the drilling of the Jasmin-1 well, which is expected to spud shortly in PEL 182.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.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

Future of Energy Report: Nuclear Power in Australia 2024

Energy News Bulletin’s new report examines what the energy and resources industry thinks of the idea of a nuclear-powered Australia.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.