Murphy Oil buys news acreage in Australia

Murphy Oil’s subsidiary, Murphy Australia Oil PTY LTD, has finalized an agreement to acquire a 40% interest and become operator of the AC/P36 exploration permit in the Browse Basin offshore Northwestern Australia from Finder Exploration PTY LTD, a private company.

The AC/P36 permit covers approximately one million acres and lies in water depths of 1,200 to 1,600 feet. The permit will be effective after receiving approval from the Australian government.

This acreage is covered with 3D seismic and holds a number of attractive already defined prospects that the compnay hope to start drilling in late 2008

Partners in the block are Finder Exploration PTY LTD, 40%, and PTTEP Australia Offshore PTY LTD, 20%.