Eneabba Gas has signed a $15 million farm-in agreement with Finder No 6 Pty for a project in western Australia.
Finder has agreed to fund a two-stage work program The Ocean Hill Block in the North Perth Basin where it will earn an 85% interest.
The first stage of the venture will see the drilling of an offset exploration well to Ocean Hill #1 that was drilled in 1991 before acquiring a two hundred and fifty (250) square kilometre 3D seismic survey.
Eneabba will be carried up to a gross expenditure of $10million on the exploration well and up to $5million on the 3D seismic survey before it is required to contribute at its 15% equity level.
Finder may withdraw from the joint venture after the year one program.
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