Tap Oil ends farm-in to offshore Otway basin
PERTH, Australia -- Tap Oil has advised WHL Energy that it has elected not to exercise its option to acquire a 10% interest in exploration permit Vic/P67 in the offshore Otway basin.
In September 2013, Tap announced that it had executed an agreement with WHL for an option to acquire an initial 10% interest in permit Vic/P67.
Under the terms of the agreement, Tap purchased an option by paying up to $2.95 million of the year two commitment seismic costs in the permit. The payment was deferred until Mar. 31, 2015.
The final seismic cost amounts to $2,778,887 and remain payable on Mar. 31, 2015. Upon payment, Tap will have no further obligation or liability in respect of exploration permit Vic/P67.
