MEO Australia has reached a commercial settlement to allow a 30% joint venture participant withdraw from its farm-in to the WA-488-P exploration permit.
The company said the deal had been reached with Rex Bonparte after it was recently informed of changes to its management strategy.
Rex plans to focus on its key discovery assets in Norway and Oman instead.
MEO said it has helped to facilitate Rex’s accelerated withdrawal from its farm-in as a “practical measure” to ensure it has the opportunity to pursue alternative farm out options instead.
The WA-488-P contains the Beehive Prospect, one of the largest hydrocarbon prospects in Australia.
MEO’s chief executive Peter Stickland said: “We are pleased to have reached settlement quickly with Rex, following its change in corporate strategy, resulting in MEO regaining a 100% participating interest in WA-488-P.
“The path is clear to continue engagement with a number of other parties that are evaluating WA-488-P, which contains the Beehive prospect, one of the largest undrilled hydrocarbon structures in Australia.
“MEO will also continue to focus on accelerating activities on priority targets New Zealand and Cuba, where the Company sees very significant potential for Block 9, which is located in a proven hydrocarbon system.”