MEO Australia said that Apache Northwest has elected not to exercise its option to farm-in to the AC/P50 and AC/P51 exploration permits.
Under the option agreement signed in June, 2014, Apache had until 30th September 2014 to elect to potentially acquire a 70% interest in the permits at their renewal, scheduled for April 2015.
MEO’s CEO and MD Jürgen Hendrich said, “While seeing this option lapse is clearly disappointing, we will continue to remain receptive to potential 3rd party farm-in offers in the period leading up to permit renewal in April 2015.”
Press Release, October 1, 2014; Image: MEO