Acquisition of a Participating Interest in an Exploration Permit in the North West Shelf Offshore Australia

abarrelfullabarrelfull wrote on 28 Oct 2012 07:59
Tags: australia upstream

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JX Nippon Oil & Gas ExplorationCorporation (President: Shigeo Hirai, "JX Nippon")is pleased to announce that its wholly owned Australian Subsidiary, JX Nippon Oil & Gas Exploration (Australia) Pty Ltd (President: Nobuyasu Iida,"JX Australia"), has executed two Farmin Agreements with Finder Exploration Pty Ltd "Finder")and Carnarvon Petroleum Limited("Carnarvon") for permits located in offshore North West Shelf Australia.

The terms of the Farmin Agreements provide that JX Australia will acquire a 10% participating interest in theWA-435-P and WA-437-P ("Permits")from each of Finder and Carnarvon. Accordingly, JX Australia's participating interest will be 20% in each of the Permits.
There are two geological structuresin which JX Nipponis hopefulof finding natural gas. As the first step of exploration, moving forward the partners are expecting to commence drillingan exploration well in WA-435-P during 2013.

JX Nippon is actively carrying out exploration and production activities in the North West Shelf offshore Australia, including the Mutineer Exeter field which is currently producing oil, as well as the Finucane South Field, which is scheduled to start production in the second half of 2013.
JX Nippon will endeavor to expand its exploration and development activities for petroleum and natural gas in the North West Shelf offshore Australia.

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