Australia: Tap Oil Sells its Interest in Non-Essential Assets

Tap Oil Limited  has agreed to sell its interests in a portfolio of non-core assets in the Carnarvon Basin to companies in the Sydney based and privately owned Hardie Energy Group. As consideration for the assignments, the companies will pay Tap $2,000,000. Further details of the assets and the assignments are set out in the attached schedule.

The completion of the sale of the portfolio is subject to joint venture and government approvals, with an effective date of 1 February 2011.

Tap’s Managing Director/CEO Troy Hayden said:

“While still having tangible value, these interests are better placed in the hands of companies like the Hardie Energy Group.  The sale of these interests allows our technical staff to focus on our three core areas: being Zola and WA-351-P, Carnarvon Basin; Gulf of Thailand; and Ghana.”

The Hardie Energy Group is a significant shareholder in fellow Sydney based explorer Energetica Resources Pty Ltd, which holds nearby acreage in the Carnarvon Basin and will manage the asset interests going forward.

Schedule of licences and permits:

* Assignment to Oceanic WA 4 Pty Ltd:

TL/2:

Apache Oil Australia Pty Ltd 51.834%

Tap (Shelfal) 10.000%

Pan Pacific Petroleum 23.166%

Santos (BOL) Pty Ltd 15.000%

and associated pipeline licences TPL/3, TPL/4, TPL/7 and PL14

TP/7(1):

Apache Oil Australia Pty Ltd 39.658%

Tap (Shelfal) 12.474%

Pan Pacific Petroleum 4.1570%

Santos (BOL) Pty Ltd 43.711%

TP/7(2):

Apache Oil Australia Pty Ltd 39.658%

Tap (Shelfal) 12.474%

Pan Pacific Petroleum 4.1570%

Santos (BOL) Pty Ltd 43.711%

TP/7(3):

Apache Oil Australia Pty Ltd 20.000%

Tap (Shelfal) 12.474%

Pan Pacific Petroleum 4.1570%

Santos (BOL) Pty Ltd 63.369%

TP/7(4):

Apache Oil Australia Pty Ltd 64.658%

Tap (Shelfal) 12.474%

Pan Pacific Petroleum 4.1570%

Santos (BOL) Pty Ltd 18.711%

* Assignment to Oceanic WA 3 Pty Ltd:

WA-8-L:

Tap (Shelfal) 20.0000%

Kufpec Australia Pty Ltd 42.6316%

Santos Ltd 37.3684%

* Assignment to Oceanic WA 2 Pty Ltd:

WA-246-P:

Apache Northwest Pty Ltd

45.00%

Kufpec Australia Pty Ltd 20.00%

Pan Pacific Petroleum 10.00%

Tap (Harriet) 10.00%

Santos Offshore Pty Ltd 15.00%

[mappress]

Source:Tap Oil , April 11, 2011;