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Tap Oil Sells Interest in Northern Carnarvon Basin Permit WA-8-L

Source: www.gulfoilandgas.com 6/14/2017, Location: Not categorized

As part of its strategy to realise value from its non core asset portfolio, Tap Oil Limited has entered into a sale and purchase agreement with a private E&P company for the sale of its 20% interest in permit WA-8-L for a cash consideration of $800,000.

WA-8-L is a production license that covers an area of 161 km2 over 2 graticular blocks and is located within the north-eastern part of the Dampier sub-basin of the Northern Carnarvon Basin. The licence contains the Talisman and Amulet oil fields. The Amulet field lies approximately 30 kilometres south of the Santos operated Finucane South and Fletcher oil field FPSO facility.

The sale is conditional on:

a) NOPTA approving the transfer of the Asset to the Purchaser; and
b) the Purchaser complying with any requirement of the Operating Agreement, and any other regulatory requirement, in respect of the transfer of the Asset to the Purchaser.

If these conditions are not satisfied by the Purchaser within 90 days the agreement will lapse.

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

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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