Apache Farms Into Oz Block

摘要

US independent Apache has farmed into an exploration block in Australia’s Northwest Shelf as it seeks to build up gas reserves in the area. Australian junior Tap Oil said Thursday that Austrian operator OMV will assign a 20% stake in Block WA-290-P to Apache while Tap will farm out 10%. In return, Apache will pay a share of the costs for the Zola-1 exploration well planned for later this year. After the deal, Apache will become operator with 30%, OMV will retain 20% and Tap will have 10%. Other partners are Japan’s Nippon Oil with 25% and Santos with 15%.