The company says final terms should be agreed next quarter.

The company is completing cultural heritage clearances and plans a total of 500sq.km of 3D over the Cooper and Surat basin blocks once the farm-out is finalised.

Bridgeport Energy is a public, unlisted Australian company, established to acquire and develop oil and gas assets in Australasia and other international locations. In 2012, New Hope acquired 100% ownership of Bridgeport.

Bridgeport currently has oil projects and exploration permits based in the Eromanga Basin of south west Queensland and two onshore exploration permits in the Otway Basin of south western Victoria.The company operates two producing fields and has a close alliance with a drilling contractor that allows the cost effective drilling of development wells.