A more recent entrant to the Perth Basin is Metgasco (ASX:MEL), which has executed a farm-in agreement with Singapore-based Jade Energy over the L14 production licence located west of Waitsia.
Metgasco can earn a 60 per cent interest in the Western Flank of L14 by drilling one exploration well at its own cost in the period to the third quarter of 2020.
It also has the option to earn a 60 per cent interest in uncommitted areas of L14 by drilling a second exploration well in those areas by December 2020.
L14 Western Flank hosts the Western Brush and Cervantes oil prospects that could host gross prospective oil resources of up to 15.6 million barrels of oil.
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