Eagle Bay has notified its partners it intends to withdraw from Timor Sea permit ACP32. This was the permit the Taiwanese energy company, Chinese Petroleum Corporation, farmed into in September.
"Our liability to jointly fund to the end of the permit year on 27 August 2002 lies between A$12,000 and A$25,000 and we await written clarification from the operator," said the company in an announcement.
The block is east of the Puffin oil discovery and contains the Magnolia structure. CPC will fund a third of the cost of 3D seismic and of the dry hole cost of one well.
The remaining partners are Norwest Energy, Bounty Oil & Gas, West Oil NL and CPC.
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