The block is in the under-explored Beagle Sub-basin, within the greater Northern Carnarvon Basin.

It is close to two significant discoveries: the 5 million barrel Nebo find made by Kufpec in 1993 is immediately north of the permit, and the large Phoenix gas discovery made by BP in 1980 is just northeast of the block.

Rialto, which listed on the Australian Stock Exchange last July, said the joint venture had contracted Petroleum Geo-Services to undertake the survey, which is expected to be completed and processed by June.

Data interpretation and evaluation, which would deliver a risked and ranked prospect inventory, is expected to be completed in the second half of the year.

Rialto earned its 30% non-operating stake in WA-291-P (R1) – its sole permit – last year, shortly before listing. In return, it has agreed to pay 60% of the seismic costs, of which its share will be about $1.2 million. Tap is the operator with a 70% stake.

“In the current extremely tight market for seismic and drilling services, it is pleasing to report that the opportunity has been taken to secure a vessel at short notice to acquire this survey early and at reasonable market rates,” the company said.

“The schedule potentially allows for the acceleration of the exploration cycle toward drilling.”