JV swaps interests to create united front

A Carnarvon Petroleum, Strike Oil and Pancontinental Oil joint venture has consolidated its interests in the EP110 and EP 424 permits in the Carnarvon Basin, leaving Carnarvon with a 35% interest in the consolidated permits, Strike Oil with 40% and operatorship of both permits with Pancontinental Oil holding the remaining 25%.
JV swaps interests to create united front JV swaps interests to create united front JV swaps interests to create united front JV swaps interests to create united front JV swaps interests to create united front

The consolidation of the permits, given effect by a swap of interests in the two permits, pulls together 850 square kilometres of prospective exploration acreage in offshore and onshore Western Australia, near Onslow.

Importantly, the consolidated permits cover the whole of the Jasper oil prospect near the producing Roller, Skate and Saladin Oil Fields. The onshore portion of the EP110 permit is adjacent to the producing Tubridgi Gas Field.

A number of additional leads have been identified and will be delineated by the upcoming seismic program. Strike Oil, on behalf of the JV partners, is currently finalising the work program with Department of Industry and Resources.

EP 110 is enhanced by the addition of EP 424, which consists of a single graticular block (approximately 80 sq km) adjacent to the northwest corner of the offshore portion of EP110.

The block was recently awarded to Stirling Products Limited (formerly West Oil NL) which has assigned its 100% interest to Strike Oil. In due course, Strike Oil will assign without cost a 35 % interest to Carnarvon Petroleum Ltd and 25% to Pancontinental Oil & Gas NL, such that the equity interests are the same as for EP 110.

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