Permex Petroleum Corporation said it has entered into an option agreement to purchase producing oil and natural gas wells from an ownership group that includes Navidad Petroleum and TMR Exploration.
”We chose Valmet because they understood our needs and provided a solution that integrates seamlessly with our existing Valmet DNA Automation System. It also enables secure and versatile connectivity with third-party systems. Valmet’s experience with similar projects strengthened our confidence, and the solution supports our strategy to participate more actively in electricity markets,” Petri Rantakokko, energy manager for Alva, said.
Under the terms of the transaction, Tullow will receive an initial cash payment of US$40 million upon completion, followed by another US$40 million by June 2026 or upon the approval of a Field Development Plan. A final US$40 million, contingent on future oil prices, will be paid over a five-year period starting in 2028, with any outstanding balance to be settled by 2033.