Tuesday, 8 November 2011
MEO Australia will up its stake in WA-360-P to 62.5% after the permit is renewed, as Rankin Trend becomes the latest partner to walk away.
Location of Cue Energy's Carnarvon Basin permits
WA-360-P will expire on January 31 next year and MEO will take Rankin’s stake to increase its share while Cue Energy will remain on the permit with a 37.5% interest.
Back in September, Brazilian giant Petrobras decided to walk away from its 50% stake in WA-360-P after the failure of Artemis-1 last year and a subsequent lead not meeting its “materiality threshold”.
Late last year, Artemis-1 was targeting up to 12 trillion cubic feet of gas in WA-360-P, near some of the largest gas fields in Western Australia including Wheatstone and Pluto.
It failed to encounter hydrocarbons in the target reservoirs.
However, MEO said it submitted a work program to the designated authority which would “define the remaining prospectivity” of the permit area.
It said it was excited by the potential for commercialisation, citing the proximity of LNG projects nearby as a tick in the right box for the joint venture.
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