Apache agrees cost spread for offshore Australia wells
Carnarvon Petroleum has secured additional funding for planned wells on Australia’s North West Shelf.
PERTH, Australia -- Carnarvon Petroleum (ASX:CVN) has secured additional funding for planned wells on Australia’s North West Shelf.
Apache has agreed to fund Carnarvon’s share of costs for the Phoenix South-1 and Roc wells up to an increased cap of $70 million gross per well.
Carnarvon has a 20% interest in the surrounding WA-435-P and WA-437-P permits.
If Apache exercises an option to take a 40% stake in the concessions from Carnarvon and partner Finder before July 3 2014, it will become operator.