Highlights:
- Terms agreed that provide for an extension of the Exploration Period 2 until 31 July 2015;
- Period 2 work program confirmed as being a 3D seismic program and one exploration well;
- Fiscal regime modified to align with the 2013 Model Petroleum agreement;
- WHL Energy preparing to appoint international farmout specialist advisor.
Australian energy company WHL Energy Limited (ASX:WHN) (“WHL Energy” or “the Company”) is pleased to announce that is has received initial approval from the Seychelles regulatory authority PetroSeychelles regarding an extension to the existing Amended and Restated Petroleum Agreement (ARPA) over the Company’s Seychelles exploration interests.
The extension requires WHL Energy to secure a farmin partner by 31 January 2014 and is consistent with the amended terms offered earlier in the year to a potential farmin party including extending the Exploration Period 2 by a period of 18 months, up to 31 July 2015. This in turn will result in a deferral on the next relinquishment from the current 17,345 square kilometres until the same date.
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