Metgasco Farms Out Further Interest in Queensland Permit
Australian Metgasco has signed a binding agreement with Bridgeport to farm-out a further 25% interest in ATP 2021, located in Cooper-Eromanga Basin, it said August 29.
Metgasco will be carried on the first exploration well on ATP 2021 planned for Q4 2019 (January -December), and will retain a 25% non-operated interest.
“This farm-out to Bridgeport endorses Metgasco’s view that ATP 2021 has high exploration prospectivity and the potential to support material hydrocarbon discoveries and we look forward to drilling Vali-1 before the end of the year,” Metgasco CEO Ken Aitken said.
Last month, Vintage Energy also finalised a farm-in agreement with Metgasco to become a joint venture partner in the ATP 2021 permit. Under the terms of agreement, Vintage will earn a 50% interest in ATP 2021 through contributing 65% of the cost of the first well.
ATP 2021 is a 370-km2 permit located on the Queensland side of the Cooper- Eromanga Basin and, according to Metgasco, is highly prospective with drill ready prospects identified by 3D seismic. Within 20 km of the permit boundary are oil and gas fields with associated pipelines and facilities that have produced over 600bn ft3 of gas and 11mn barrels of oil, the company said.