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WA-399-P
Exploration Permit WA-399-P
Rialto has a 50% participating interest in Exploration Permit WA-399-P located in the Carnarvon Basin, offshore Western Australia.
The Permit covers an area of approximately 50km² and is very well located, being midway between the Pyrenees and Macedon oil and gas fields (25 kilometres to the north-west) and the Leatherback oil accumulation (30 kilometres to the south-east).
On 3 July 2007, BHP Billiton and its co-venturer Apache Corporation announced approval of the Pyrenees oil and gas project in Retention Lease WA-12-R, directly adjacent to WA-399-P. That announcement increases confidence that any discoveries in WA-399-P can be commercialised.
One significant lead has been identified by the Operator of WA-399-P, Carnarvon Petroleum Limited, on existing seismic. Initial indications are that this lead has the potential to contain significant quantities of recoverable oil at the prospective upper Barrow level.
The Operator has commenced the reprocessing of all available seismic in the Permit to help plan the forward programme.
The Joint Venture has committed to a minimum work programme in the first 3 years of the Permit of geological and geophysical studies and the acquisition of 315km of 2D seismic. Following interpretation of the seismic data, the Joint Venture may elect to drill an exploration well in each of Years 4 and 5 of the Permit, or sooner.