find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Property lawyer - Melbourne
Category: Property Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Impressive client list, national firm · Well-led and high-performing team
View details
Senior family lawyer - Melbourne
Category: Family Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Outstanding national firm · High-calibre family law team
View details
WA gas prospectors drawn to offshore well

WA gas prospectors drawn to offshore well

BP has signed up to undertake exploratory drilling at the Ironbark prospect, located off the coast of Western Australia in the Carnarvon Basin.

Firms: Allens (Cue Energy Resources Ltd); in-house counsel (BP Developments Australia Pty Ltd)

Deal: A deal has been struck for BP Developments Australia Pty Ltd (BP) to drill at two sites in WA under the terms of energy exploration permits issued to Cue Energy Resources Ltd (Cue Energy).

Value: Undisclosed

Area: Energy & resources

Key players: The Allens team advising Cue was led by partner Mark McAleer. Associate Miranda Hicks assisted.

Deal significance:

Two exploration permits issued to Cue Energy for its Ironbark prospect, mapped between WA-359-P and WA-409-P, are subject to a joint venture with BP. The company estimates 15 trillion cubic feet of gas reserves can be accessed by drilling at the site.

According to Cue Energy, the site is “an exciting new play type associated with the prolific gas-bearing Mungaroo Formation” and Ironbark has been identified as a “significant drillable target”.

The prospect area sits in the Carnarvon Basin, which is an offshore basin stretching more than 1,000 kilometres from WA’s west and north-west coast.

The joint venture between Cue and BP was executed by way of farm-out and option arrangements. As part of the deal, BP will operate WA-409-P and fund all of the work required under the permit for the first three years of its renewal. BP will acquire 80 per cent interest in the exploration.

An option has also been granted to allow BP to acquire a 42.5 per cent interest in WA-359-P in exchange for funding 50 per cent of the exploration. The option is valid until May 2017.

Cue and BP are searching for more partners to join their drilling exploration of the Ironbark well.

Mark McAleer, Allens lead partner advising on the deal, described Ironbark as an “exciting prospect”.

“If proven and commercialised, Ironbark could be a transformational development for the company.

“As a long-standing client of the firm, we are delighted to have been able to assist Cue with this important transaction,” Mr McAleer said.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

WA gas prospectors drawn to offshore well
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Warning
Aug 23 2017
NT Law Society sounds alarm on mandatory sentencing
The Law Society Northern Territory has issued a warning over mandatory sentencing, saying it hasn’...
Unite
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...