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%