West Oil finalises agreement with Daytona Energy

West Oil said this week it is finalising its agreement with Daytona Energy Corporation (announced on 4th November 2001) to acquire interests in two further wells in the Timor Sea in January/February 2002.

West Oil announced two weeks ago it had signed an agreement to acquire an option over the free carried interests in five per cent of AC/P27 containing the Sleeper Prospect and 10% of AC/P25 containing the Sebring Prospect, and to acquire 18% of AC/P32.

Anadarko Petroleum Corporation has now confirmed that it will not exercise any rights that it may have over Daytona's interests in AC/P25 and AC/P27.

"West Oil and Daytona are completing documentation with regard to the agreement. West Oil has sent a notice of an extraordinary general meeting to shareholders to approve the issue of shares to Daytona, pursuant to the agreement with Daytona amongst other matters," West Oil said.

"On Anadarko's request, West Oil has extended the option that Anadarko has to drill an exploration well in AC/P26 from 15th November to 31st November 2001."

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