Until now, the PEL 100 JV comprised operator Cooper Energy, Sundance Energy and Enterprise Energy, as well as US company Liberty Petroleum.

The PEL 100 JV had a disappointing drilling campaign last year, when three consecutive wells – Fairbridge-1, Strickland-1 and Geordie-1 – were plugged and abandoned after failing to encounter commercial hydrocarbons.

But in a statement today, the JV partners announced they had agreed to farm-down 50% of their current interest in the licence to Stuart, which in turn has agreed to wholly fund the cost of drilling one exploration well in the permit.

Stuart managing director Tino Guglielmo said the well would be drilled within the next four months.

Meanwhile, Sundance managing director Jamie McCoy said his company was pleased with the farm-in agreement.

“It has always been the policy of this company to associate with the best operators in each of our plays and Stuart’s success certainly speaks for itself,” he said.

Following the farm-out, interests in PEL 100 will be Stuart (operator – 50%), Sundance (23.333%), Cooper Energy (19.167%), Enterprise subsidiary Traditional Oil Exploration (5%) and Liberty Petroleum (2.5%).