Georgina Energy Subsidiary Farms in to Amadeus Basin Exploration Permit
Westmarket Oil & Gas Pty Ltd., a wholly-owned subsidiary of the UK-registered helium explorer Georgina Energy Plc, has signed an agreement with AIM-listed Mosman Oil & Gas Ltd. to farm in to exploration permit application EPA 155 located in the Amadeus Basin in Australia.
Under the terms of the agreement, Westmarket will earn a 70% operated interest in EPA 155, in exchange for funding the technical work in accordance with the permit work programme, plus an upfront cash payment of A$15,000 in recognition for past costs and an additional payment of A$15,000 to be made following completion of the required seismic re-processing work. In addition, at the time of drilling of a well, Westmarket has an option to farm in to an additional 15% interest in the permit, in exchange for carrying Mosman through the cost of the well. Westmarket will be responsible for the native title negotiations required for the permit to be granted.
EPA 155 covers an area of 378 sq. km in the Amadeus basin in Northern Territory, situated within the prime Horn Valley Siltstone fairway between the Mereenie and Surprise oil fields. Primary targets in the permit area include the Stairway Sandstone and the Bitter Springs formation.
“We are pleased to have concluded the farmout on EPA 155 so that the project can be progressed at no cost to Mosman,” said John Barr, Chairman of Mosman.