Tap Oil to Sell Stake in Retention Lease R3

Tap Oil Limited has agreed to sell its 75% stake in R3 Retention Lease to Oil Basins Limited (OBL). The lease contains the small, undeveloped Cyrano field in 52 feet (16 meters) of water, in addition to 3D seismic, two discovery wells and two exploration wells to date.

Additionally, the Cyrano discovery is estimated to contain about 4.36 MMbbls of oil in place and some 1.45 MMbbls of 2P, and an estimated .92 MMbbls of recoverable 1P reserves. Presently, Cyrano is considered uneconomic as a stand-alone development by the R3 joint venture, stated Oil Basins. However, Airlie Island is in close proximity to Cyrano, and if it is brought back into production, Cyrano could possibly be tiedback to that facility.

Oil Basins now holds 100% interest in the block.

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