Bridgeport Energy Ltd reported in August 2019 that it had agreed to farm-out interest in exploration permits ATP 736-P, ATP 737-P, ATP 738-P, ATP 2025-P and ATP 2026-P, located in the Cooper-Eromanga Basin, to Origin Energy Ltd. Bridgeport reported that it had agreed to farm0out up to 75%, and operatorship, via a staged farm-out.  Origin will be acquiring interest through a staged farm-in by funding a work programme, to include five exploration wells targeting gas and liquids, up to an AUD 49 million cap.Â  The wells are planned to be drilled by end 2024.  The deal is subject to government approval, which remains pending. Â   The farm-out to Origin will also be dependent on Bridgeport successfully increasing its holding in ATP 736-P, ATP 737-P and ATP 738-P.Â  Bridgeport currently holds 45% interest in these permits, but has reached a deal to increase its holding to 100% by acquiring current joint venture partner Senex Energyâs 55% share. The deal is pending government approval, but Bridgeport has reported that it hopes to complete the deal in September 2019.  ATP 736-P, ATP 737-P and ATP 738-P cover areas of 4,823 sq km, 488 sq km and 1,080 sq km respectively.   Bridgeport also acquired its interest in ATP 2025-P and ATP 2026-P by purchasing Senexâs holding. On 29 March 2019 Bridgeport completed the acquisition of interest and operatorship of the permits, by acquiring an additional 60% interest in the permits, which was previously held by joint venture partner Senex Energy.  ATP 2025-P and ATP 2026-P were awarded on 11 August 2017 and replaced ATP 794-P, covering a combined area of 2,100 sq km. The coalbed methane permits were applied for via Queenslandâs open-door policy. The areas have largely been subject to conventional exploration with four unsuccessful wells drilled since 1980. The most recent well, Obelix 1, was drilled in June 2017 by Bridgeport Energy (Eromanga) Pty Ltd in ATP 794-P. Bridgeport is planning the Toolebuc Shale Project in ATP 2026-P which will include core sampling offset to the Obelix-1 well, fracture stimulation and flow testing of the well, plus additional wells to de-risk the broader region.
Australia, not found