MEO revealed Monday it had agreed to assign its 50% interest in the WA-454-P exploration permit to Origin after failing to find an additional partner to minimise its remaining exposure to overall exploration and drilling costs.
It claimed “the current depressed farm-out market” meant it had been unsuccessful in finding another partner and it deemed the permit no longer had the risk-reward profile that matched its strategic objectives which have moved towards lower cost onshore projects.
“While
