The block is in the under-explored Beagle Sub-basin, in the greater Northern Carnarvon Basin.

It is close to two significant discoveries: the 5 million barrel Nebo find made by Kufpec in 1993 is immediately north of the permit, and the large Phoenix gas discovery made by BP in 1980 is just northeast of the block.

Rialto said the seismic acquisition is due to be completed by mid-April, with processing expected to be finished by June.

Data interpretation and evaluation would deliver a risked and ranked prospect inventory for consideration of possible drilling targets, it said.

The company, which listed on the Australian Stock Exchange last July, earned its 30% non-operating stake in WA-291-P (R1) – its sole permit – last year, shortly before listing. In return, it has agreed to pay 60% of the seismic costs, of which its share will be about $1.2 million.

Tap is operator with a 70% stake.