MEO Australia said that the WA-454-P joint venture will make two applications to the titles administrator to vary the permit work program.
The first application will seek to extend by 6 months permit year 4 (currently ending 8th June 2015) to provide further time to undertake seismic reprocessing. The second application will seek to move the current well commitment from permit year 5 (currently commencing 9th June 2015) to permit year 6 (currently commencing 9th June 2016).
If both applications are successful, the proposed Breakwater-1 exploration well will need to be drilled prior to the revised permit expiry date of 8th December, 2017.
Furthermore, the joint venture has agreed that the notice period for a drill or drop decision has been extended to allow time for receipt of the titles administrator’s decision on both of the applications.
Image: MEO