OilVoice - Essential Petroleum to Withdraw from Otway Basin Permit

Essential Petroleum to Withdraw from Otway Basin Permit

Friday, June 26, 2009

Essential Petroleum Resources Limited advises that together with, Beach Petroleum Limited and Mitsui E & P Australia Pty Ltd, it is still working to resolve Essential Petroleum's obligation to Beach and Mitsui arising from the drilling of the Fermat-1 well in VIC/P46.

As part of the resolution process it has been agreed, pursuant to the provisions of the VIC/P46 Joint Operating Agreement, that Essential Petroleum will withdraw from the permit. This does not preclude Essential Petroleum negotiating a future interest in VIC/P46.

Permit interests in VIC/P46 following Essential Petroleum’s withdrawal will be as follows:
Beach Petroleum Limited (Operator) 66.67%
Mitsui E&P Australia Pty Ltd 33.33%