Ann: ConocoPhillips exercises option to acquire a, page-36

re: Ann: ConocoPhillips exercises option to a... From Conocophillips Australasia website...

"Browse Basin (WA-314-P, WA-315-P and WA-398-P)
In 2006, ConocoPhillips farmed into the Browse Basin permits WA-314-P and WA-315-P held 100% by Karoon. Under the terms of the farmin ConocoPhillips acquired an initial 51% working interest in return for funding a portion of two exploration wells and past costs.

ConocoPhillips became operator and has the option to increase to 60% working interest at its election in the event of a discovery by carrying some of Karoon’s development costs.

In November 2006 ConocoPhillips and Karoon successfully bid on a government gazettal block south of WA-315-P and were subsequently awarded permit WA-398-P in May 2007. ConocoPhillips has 60% equity and operatorship and Karoon has 40% equity. The Endurance 3D seismic survey was completed in 2008 and a drilling program will commence in late 2008 or early 2009."