Origin to operate Breakwater well offshore Australia
MEO has agreed to a farm-out with Origin Energy for the WA-454-P offshore permit in the Bonaparte Gulf Petrel sub-basin offshore Western Australia.
The concession contains the Marina gas and probable oil discovery together, the Breakwater prospect, and numerous other leads.
MEO acquired the 601-sq km (232-sq mi)Floyd 3D seismic survey over the acreage in early 2012.
Origin will acquire a 50% operating interest in the permit by paying 80% of MEO’s historical costs, and funding 80% of the Breakwater-1 exploration well up to a cap (excluding testing) of A$35 million ($33.8 million).
This will meet the Permit Year 5 discretionary well obligation.