The company will be fully funded for its A$30 million (US$26 million) exploration programme.
Under the agreement, Far will be fully-carried through the drilling and testing of a high-impact onshore well.
The well is expected to spud in the first half of next year.
Milio will also fund the acquisition, processing and interpretation of a 2D seismic survey to confirm prospects on the block.
Seismic
