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JV agreement with Blue Energy
In 2013, Blue Energy (ASX: BLU) secured a farm-in agreement with Wiso for the Wiso/Birrindudu Basin project. This joint venture agreement appoints Blue Energy as the operator and manager of all exploration permits (EP) and exploration permit applications (EPA) within the project, acting on behalf of the joint venture. Blue Energy will shoulder 100% of the capital costs associated with the exploration work program until the completion of Stage 3. In return, they will be granted an entitlement to a specific percentage of ownership interest, based on the successful completion of pre-defined milestones within the major work program stages. The details of these work programs and the associated stage-based ownership entitlements are provided in the tables below.
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Summary of Work Program
Stage 1
(Year 1 & 2)
Permit Award, Geological and Geophysical study
Stage 2
(Year 3)
2D seismic
(50km-100km depending on permit)
Stage 3
(Year-4)
Additional 2D seismic
(50km-100km depending on permit)
Stage 4
(Year-5)
One well
Blue Energy Permit Interest Entitlement
Permit Interest Entitlement
Date of Farm-in Agreement
Date of Permit Grant
Completion of Work Program (Stage-1)
Completion of Work Program (Stage-2)
Completion of Work Program (Stage 3)
Wiso Energy
100%
90%
80%
60%
50%
Blue Energy
0%
10%
20%
40%
50%
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