EOG Resources, Inc. (NYSE:EOG) signed an agreement to acquire WA-488-P Permit in Australia from Finniss Offshore Exploration Pty Ltd for $12 million on April 23, 2021. Under the agreement, EOG Resources, Inc. shall pay $7 million on completion while $5 million payable through contingent payments. EOG Resources, Inc. shall pay 50% contingent payment on EOG Resources, Inc. entering the final year of the exploration permit and 50% contingent payable on EOG Resources, Inc. being awarded a production license in the Permit. Finniss Offshore Exploration Pty Ltd will also pay receive future payments of $10 million for each 25 million barrels of oil equivalent produced, sold and delivered by EOG Resources, Inc. Transaction is subject to certain conditions including various usual regulatory approvals, approval to suspend and extend the remaining permit obligations to allow additional time to drill the initial exploration well and no objection to transaction from the Foreign Investment Review Board. As of November 22, National Offshore Petroleum Titles Administrator approved the transaction.
EOG Resources, Inc. (NYSE:EOG) completed the acquisition of WA-488-P Permit in Australia from Finniss Offshore Exploration Pty Ltd on November 24, 2021.