West Erregulla has been assessed to contain an estimated 185 billion cubic feet of gas in place with the potential for 3 trillion cubic feet of unconventional upside.

Following the completion of the agreement, the equity split between the joint venture partners gives Warrego 20%, Dyas 30% and Mazarine 50%, with Mazarine to take over operatorship from Warrego after completion of an appraisal program.

The appraisal program will include a 3D seismic survey of the field, which Warrego has spent the past four years preparing for and obtaining environmental, safety and traditional owner permissions.

The survey will follow approvals from regulators and if successful will result in the drilling of an appraisal well on the West Erregulla structure in 2015.

First gas is expected in 2016.

"We are delighted that we have access to the technical and practical resources of Dyas and Mazarine Energy," Warrego managing director Dennis Donald said.

"Our immediate focus is to conduct the seismic and then complete our appraisal program on the West Erregulla early next year.

"We will then rapidly transition into full field development of the tight gas field.

"We see the farm-in as a demonstration of confidence in Warrego and the market by two respected and highly competent enterprises."