The three "unnamed" Australian companies are First Australian Resources, Petsec Energy and Roc Oil. FAR has agreed to a 10 per cent participation in the drilling of 6/12-1 prospect in Block 22/12, located in the Beibu Gulf. Petsec has agreed to farmin to earn a 25% interest while Roc Oil will also participate holding the same level of interest. Bligh Oil holds the remaining 40% and is the operator the drilling of the well, which is expected to cost in the vicinity of $US4 million.
In the event of commercial development, the China National Offshore Oil Corporation (CNOOC) has the right to back-in for up to 51% working interest, which will be acquired from all the participants on a pro rata basis, according to the Australian companies.
