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Tap Oil Farmout WA-320-P / WA-155-P Permits

Source: www.gulfoilandgas.com 6/4/2013, Location: Not categorized

Tap Oil Limited is pleased to announce that its wholly owned subsidiary Tap (Shelfal) Pty Ltd has entered into an agreement with JX Nippon Oil and Gas Exploration (Australia) Pty Ltd to farmout a portion of its interests in Exploration Permits WA-320-P and WA-155-P (Part II).

The Palmerston gas prospect straddles these two permits and may be drilled as early as the first quarter of 2014. Tap will farmout 10% of its interest in WA-320-P and 7% of its interest in WA-155-P (Part II) in exchange for a 5% carry on the Palmerston well (up to a total well cost of US$70 million).

Following the farmout, Tap will retain a 9.778% interest in WA-320-P and a 6.555% interest in WA-155-P (Part II).

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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