Tap Oil 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.
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