Blue said on Tuesday the proposed deal covered 111,887 square kilometres of land in the territory - an area about the size of England.
To earn a 50% stake in the permits, Blue is required to make an upfront cash payment to cover AOG’s previous costs, as well as fund a three-stage work programme.
Under the terms of the agreement, Blue will earn the first 10% interest upon payment of back costs and will earn the next 10% by undertaking geological and geophysical studies and aeromagnetic and gravity surveys.
It
