Tap Oil, Apache Exchange Assets Offshore Australia

Tap Oil Limited’s subsidiary, Tap (Shelfal) Pty Ltd, has entered into an agreement with a subsidiary of Apache Corporation (Apache) 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) offshore Western Australia.

Apache will be operator of both permits. The Palmerston gas prospect straddles these two permits and may be drilled as early as the fourth quarter of 2013, Tap added in a press release.

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]
November 12, 2012