Australian energy company WHL Energy Limited says that following a submission in December 2014 to the Commonwealth-Western Australia Offshore Petroleum Joint Authority, WHL Energy has been advised that the Company qualifies to enter into a Good Standing Arrangement with respect to the cancellation of Petroleum Exploration Permit WA-460-P.
WHL Energy previously held 33.33% equity in exploration permit WA-460-P. The GSA with the Joint Authority is subject to terms and conditions in accordance with the Exploration Permit Guidelines. This includes an obligation to expend an amount of A$277,409 in a qualifying permit obtained through successful bidding on re-release area in the Australian Governments annual Offshore Petroleum Acreage Release. Bidding on a re-release area must occur within two acreage releases following finalisation of this GSA. In addition, WHL Energy agrees that all documentary and derivative information pertaining to WA-460-P held by the Company will be submitted to NOPTA within the specified timelines.