Bridgeport Energy Ltd reported in August 2019 that it was farming out interest in permits ATP 2023-P, ATP 2024-P, ATP 948-P and PL 256, located in the Cooper-Eromanga Basin, to New Era. Bridgeport is farming down non-operated interest to New Era Oil and Gas in the permits.  ATP 2023-P and ATP 2024-P are in the application stage. Bridgeport solely applied for the permits and was reported as preferred tenderer in January 2017. They remain pending award.Â  The applications cover areas of 434 sq km and 421 sq km respectively. New Era is farming in for 50% in these assets.  Under the terms of the farm-in, once the permits are awarded, as authority-to-prospect licences, New Era will fund part of a four-year work programme, to include seismic and drilling.  ATP 948-P was awarded on 1 June 2014 and covers an area of 2,004 sq km. Bridgeport holds 100% interest in the permit. PL 256 covers 15 sq km and was awarded on 17 April 2014.Â  The licence contains the Bargie oil field, which was discovered in January 1994 and is producing. Bridgeport holds 93.9% and operatorship, with joint venture partner Inland Oil (Production) Pty Ltd holding the remaining 6.1%. Bridgeport reported it is farming out 30% to New Era. Under the farm-out to New Era, Bridgeport reported that the companies were planning drilling within ATP 948-P and PL 256, to take place in November 2019.  Under the farm-in terms, New Era will fund 60% of well costs for interest acquisition in ATP 948-P and PL 256, to a cap of AUD 1 million in PL 256 and AUD 1.06 million in ATP 948-P. Above the cap, cost splits will be on an interest holding basis.  It is reported that New Era is itself being acquired by Indus Energy NL, via reverse takeover. Indus is to acquire all the shares in New Era, with the new company to be called New Era Oil and Gas NL.
Australia, ATP 2024-P