Perth Basin, Western Australia, 29 January 2020
The board of directors of RCMA Australia Pty Ltd (“RCMA”) is pleased to announce that RCMA has, on 17 January 2020, executed an amended and restated farmout agreement with Metgasco Ltd (“Metgasco”; ASX:MEL) and Vintage Energy Ltd (“Vintage”; ASX:VEN) (the “Agreement”).
The Agreement has been executed in accordance with the terms set out in the initial farmout agreement signed between RCMA and Metgasco on 9 September 2019 and the binding term sheet signed between RCMA and Metgasco on 15 November 2019.
By this Agreement, Vintage, as introduced farminee, agrees to;
- fund 50% of the Cervantes exploration well in exchange for a 30% participating interest
- pay Metgasco AUD100,000 for future exploration expenditure relating to Cervantes
- pay RCMA AUD100,00 for costs relating to seismic re-processing over the L14 production licence located in the northern onshore Perth Basin (“L14Licence”) (“L14 Licence Area”)
The Agreement is binding and commits Metgasco and Vintage to drilling, in Q3 2020,the highly prospective 3D seismically defined Cervantes oil prospect in the Western Flank area of the L14 Licence Area, 3km west of the Jingemia oil field that has produced approximately 4.6 million barrels of oil to date.
The Agreement also allows Metgasco the right to drill a second optional exploration well within the L14 Licence Area with the same farm-in commitment obligations, exercisable between April and end December 2020. Vintage have the option to participate in this second well.
For more information please contact
RCMA Australia Pty Ltd
Contact No : +61 467 456043
Email : email@example.com
Jade Energy Holdings Pte Ltd
Email : firstname.lastname@example.org
Please view Metgasco’s media release here.
About Jade Energy Holdings and RCMA Australia Pty Ltd
Jade Energy Holdings Pte Ltd (“Jade”) is the 100 percent shareholder of RCMA Australia Pty Ltd. Jade leverages market expertise and industry knowledge to develop and invest in energy related initiatives across the entire value chain. www.jade–holdings.com