The licence is located in shallow water along the coastal strip near Dongara in WA and is sandwiched between the Cliff Head (WA-286P offshore) and Jingemia (EP-413 onshore) oil discovery licences in which Voyager also has interests.
Under terms of the agreement, Voyager will get direct equity in more than 33,000 sq.km in this emerging oil province in the northern Perth Basin.
In exchange, Voyager will have to fund 10% of the costs of the next two wells to be drilled by the TP/15 joint venture (one of which is to be Twin Lions-1), capped at 20% above the budgeted well costs.
The funding by Voyager on a promoted basis would be inclusive of one well being cased, cored and tested and the other being drilled to casing point or plug and abandonment.
"We consider the prospectivity of the acreage is high. It just makes a lot of sense for Voyager to equalise its position with the Cliff Head block in particular because there are several structures shared with TP/15," said Voyager's chairman Peter Leonhardt.
"We have also gained a lot of confidence in continuing to invest in the area from our participation in the Jingemia oil discovery."
