By LNG World News BP executed an agreement with Cue Energy Resources to acquire equity in two North West Shelf exploration permits in the Carnarvon basin, offshore Western Australia.
Cue Energy Resources said in its statement on Thursday that BP will acquire 80 percent equity in the WA-409-P permit becoming the operator. In addition, the London-based giant will fund 100 percent of the work program under the permit for the first three years of the license renewal.
Following the completion of the transaction, subject to government approval, Cue Energy Resources will retain 20 percent equity in the WA-409-P exploration license.
BP has also secured an option
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