The company has signed an agreement with Apache Northwest to be fully carried for the cost of the well to an increased cost cap of US$70 million per well.
Carnarvon and partner Finder Exploration have agreed to grant Apache an option to take a 40% interest in WA-436-P and WA-438-P for a nominal fee.
If it chooses to exercise the option, Apache will become operator of the permits.
Carnarvon
