WEST PERTH, Australia – Finder No. 4 Pty Ltd. has signed a farm-out agreement whereby Japan Australia LNG (MIMI) Pty Ltd. will earn 20% interest in permit WA-450-P offshore Western Australia in the Carnarvon basin.
MIMI will make an upfront cash payment and potentially fund additional work following drilling of the Olympus gas exploration well.
“Following our initial farm-out to Apache in August 2010 and the recent nearby Zola discovery we received significant interest in the Permit and are delighted to be able to farm-out a further participating interest to a recognized gas player in Mimi ahead of the drilling of the Olympus exploration well in the second half of 2012,” said Jan Ostby, managing director of Finder.
Participation in WA-450-P now is 75% Apache Northwest Pty Ltd as operator, 20% MIMI, and 5% Finder.