Once approval is granted, Vicpet and Enterprise would each have a 50% stake in PEL 88, with VicPet as operator.
The current operator is Cooper with 30%, VicPet (10%), Sundance (45%), Liberty (5%), and Enterprise (10%).
According to VicPet, PEL 88 is an important part of its strategic exploration position in the Cooper Basin.
The assignment of the licence interests from Cooper Energy, Sundance Energy Australia and Liberty Petroleum, is subject to obtaining necessary approvals and renewal of PEL 88.
