The government has converted Petrel’s previously-held licensing options 11/4 and 11/6 into the frontier exploration licenses 3/14 and 4/14.
Late last year, Petrel farmed out an 85% interest in, and operatorship of, the licensing options to Woodside Energy.
The licenses will be valid for 15 years, with an initial three-year phase, followed by three four-year phases.
The first phase involves reprocessing of historic 3D seismic, environmental studies and may include more 3D seismic acquisition.
Initial
