EXPLORATION

California agreement crumbles

AUSTRALIAN Oil Company and Xstate Resources have been left in the lurch after their Thailand-focused partner Northern Gulf Petroleum pulled out of a heads of agreement over two Californian prospects.

Andrew Snelling

NGP was to take a 50% interest in the Alvares and Dempsy wells through its funding of the project, while AOC and Xstate were expected to hold 30% and 12.5% respectively by the end of drilling, which was...

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