Bengal Energy told the Toronto Stock Exchange overnight the farm-in agreement would see Santos pay the full costs of drilling one high impact well at the ATP 934 exploration permit to earn a 60% interest in part of the tenement.
The ATP 934 gas exploration project covers approximately 1729 square kilometres in the Cooper Eromanga Basin.
Santos will earn its 60% stake in 420 sq.km of the permit under the agreement and become operator of the project. The remainder will remain held by Bengal.
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