Eneabba Gas has said it is just weeks away from acquiring the Australian Ocean Hill project.
The firm has reached an agreement with the Yued and Amangu traditional owner groups for the pass over of the venture on the North Pert Basin.
The project comprises 297 sq km and is 225km north of Perth.
Eneabba announced in October that it intended to take over the block area in a bid to establish itself as a gas explorer in the prospective Perth Basin.
The process is is expected to be completed within the next four weeks.
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