Project Profile
Value: US$60 million (Stage 1 of the exploration program)
Location: Southern Georgina Basin, state of Queensland, Australia
Area: 6 million acres
Start-up Year: -
Central Petroleum has completed the farm-out transaction with Total in respect of the three Queensland permits covered by their farm-out agreement for the exploration of approximately 6 million acres in the Southern Georgina Basin in Australia. The farm-out agreement announced 6 November 2012 comprises a three stage, four year exploration program over four permits; ATP909, ATP911 and ATP912 in Queensland and EPA132 in the Northern Territory. Stage 1 of the exploration program over all these permits will cost US$60 million, of which Total has agreed to fund the first US$48 million of expenditure after which Central will fund the next US$12 million. The closure of those parts of the farm-out agreement related to EPA132 in the Northern Territory will occur upon the grant of the exploration permit. Stage 1 encompasses both seismic and drilling.
Operators:
Central Petroleum: Operator with 90% interest
Total: 10% interest