On 29 November 2017 Beach Energy Ltd reported that it had entered into a binding agreement with Cue Exploration Pty Ltd, a wholly owned subsidiary of Cue Energy Ltd, to acquire equity in exploration permit WA-359-P and WA-409-P, located in the North Carnarvon Basin. Under the terms of the agreement, Beach will acquire a 21% interest in WA-359-P in return for a one off payment to Cue of AUD 900,000 for past costs and future payments equating up to 4% of Cueâs cost for the drilling of the Ironbark 1 exploration well.  The agreement is subject to certain conditions, including BP exercising its option, reached in a previous separate agreement, to acquire a 42.5% interest in WA-359-P. The company has until 11 December 2017 to exercise this option. Other conditions include the formation of a joint venture and associate Joint Operating Agreement with full funding for the Ironbark 1 exploration well, as well as the current permit holders obtaining an extension to the current expiry date of 25 April 2018, in order to allow sufficient time for planning and drilling of Ironbark 1.  Beach Energy also acquired, for a nominal consideration, a call option over a 7.5% interest in WA-409-P. If undertaken, Beach is to make future payments equating up to 7.5% of Cueâs costs for the drilling of an exploration well within the permit, as well as a 10% royalty payment to Cue on all future revenue earned by Beach from the permit. The option may be exercised until 31 July 2019. WA-359-P was awarded on 1 February 2005 and covers an area of 648.9 sq km. Assuming satisfaction of conditions, interest in WA-359-P will becomeÂ  BP (42.5% interest) Cue Energy Ltd (36.5% interest) and Beach Energy Ltd (21% interest). WA-404-P was awarded on 17 July 2007 and covers an area of 1,377 sq km. Interest in WA-404-P would become BP (80% interest), Cue Energy Ltd (12.5% interest) and Beach Energy Ltd 7.5% interest). 
Australia (Warburton - Cooper - Eromanga B.s) Revenue