BPCL signs farm-in agreement for Australian block

New Delhi, Feb 5 (UNI) Bharat Petroleum Corporation Ltd (BPCL) today signed a farm-in agreement for acquiring participating interest in an Australian block in the Timor Sea area.

After farm-in, the company will have a participating interest of 20 per cent in the block AC/P32.

The participating interests of the consortium partners will be Coogee Resources Ltd-Operator (24.64 per cent), Westranch Holdings (a fully-owned subsidiary of Norwest Energy NL) (24.08 per cent), Adelphi Energy (18.48 per cent) and Bounty Oil and Gas (12.8 per cent).

The exploration license has six-year duration and at present the consortium is in the fourth year of operation.

UNI