Project Profile
Location: Western Australia
Area: 22,527 sq km
Start-up Year: -
In Australia, the Officer Basin onshore application STP-EPA-0071 is an early stage exploration project with a modest work programme. There is no petroleum production in the Officer Basin. The permit will be called L12-4 when issued. The 22,527 sq km Application Area in the Western Australian part of the Officer Basin lies in the Vernon, Lennis and part of the Talbot Areas, south of the town of Warburton, and offers both conventional and unconventional potential with hydrocarbon shows reported in the Kanpa-1A well. The Permit may only be awarded after the Native Title Act requirements are met which deal with heritage clearance, land access and other traditional land owner issues.
Application Area STP-EPA-0071 is in Western Australia and the general terms are as follows:
1. Awarded for a 6 year term; renewable for two 5 year terms and a 21 + 21 year production period
2. State royalty 10%
3. Crude oil excise duty on gross cumulative production on a sliding scale (0% to 55%) ring fenced around the field and applicable after 30 million barrels of oil has been produced from that field
4. Petroleum Resource Rent Tax (“PRRT”) of 40% on cash flow when net cumulative receipts turn positive (negative cash flows are uplifted costs depending on the type of costs and the time they were incurred); and
5. Income tax rate of 30% payable to the Federal Government.
Operators:
Western Australian Government: Operator with 75% interest
Mosman Oil and Gas: 25% interest