Tap Oil said that its wholly owned subsidiary, Tap (Shelfal) Pty Ltd, has entered into an agreement with a subsidiary of Apache Corporation to exchange a 13.555% interest in Exploration Permit WA-320-P for a corresponding 13.555% interest in the Part II Area of Exploration Permit WA-155-P (Part II).
Apache will operate both permits. The Palmerston gas prospect straddles these two permits and may be drilled as early as the fourth quarter of 2013.
Tap’s Managing Director/CEO, Troy Hayden said: “The success of the Zola-1 discovery in WA-290-P has improved the commercial potential of the Palmerston prospect in WA-320-P. The equity swap gives us access to the entire prospect, while managing the high equity exposure we had previously in WA-320-P. The new WA-320-P joint venture is looking at drilling the prospect in late 2013 or 2014, rather than in 2015.”
[mappress] LNG World News Staff, November 12, 2012; Image: Tap Oil