Australian exploration firm Tangiers Petroleum faces a race against time to find new partners for two offshore licences after scrapping a 70% farm-out deal to CHW Resources.
The production and mining firm agreed a $35million deal last year to farm into the exploration permits in the Bonaparte Basin, around 250km south-west of Darwin.
However, Tangiers said today CWH had failed to meet the deadline to satisfy the conditions of the deal, after it failed to secure a seismic vessel to carry out survey work on the sites
Now the company has until October 12 to secure a further extension to its licences or face potentially losing the exploration permits for the sites.
“Tangiers is now actively seeking alternative farm-in partners to fund the work program commitments and will seek advice from the government regarding further extensions,” the company said in a statement.
The permits include the Nova and Super Nova discoveries, which are thought to contain at around 47trillion and 60trillion cubic feet of gas respectively.
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