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Essential Petroleum to withdraw from Otway Basin permit


Published Jun 29, 2009
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Essential Petroleum spuds Otway Basin well

Essential Petroleum Resources says that together with, Beach Petroleum Limited and Mitsui E & P Australia Pty Ltd, it is still working to resolve Essential Petroleum's obligation to Beach and Mitsui arising from the drilling of the Fermat-1 well in VIC/P46.

As part of the resolution process it has been agreed, pursuant to the provisions of the VIC/P46 Joint Operating Agreement, that Essential Petroleum will withdraw from the permit. This does not preclude Essential Petroleum negotiating a future interest in VIC/P46.

Permit interests in VIC/P46 following Essential Petroleum’s withdrawal will be as follows: Beach Petroleum Limited (Operator) 66.67% Mitsui E&P Australia Pty Ltd 33.33%

Tags: Essential Petroleum Resources Limited



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