MEO said about $1.95 million had been spent in the three previous permit years, including the cost of 1,150km shot in the second year of the permit.
"The company remains open to proposals from other parties with respect to the acquisition of an interest in this permit. While the NT/P60 permit is not a core holding, it has considerable number of leads that warrant further investigation," Methanol Australia managing director Chris Hart said.
"We are prepared to entertain any reasonable proposal for acquisition or farmin that will build on the work carried out so far. The permit has significant potential for oil discovery."
The new agreed work program for the permit includes re-evaluation of the seismic data in the fourth year at a cost of $250,000, the acquisition of 500 km of new 2D seismic over prospects and leads in the fifth year at a cost of $500,000 with one well to be drilled in the sixth year at a cost of $12 million.
