Tap Oil Gets More Time to Acquire Stake in Otway Basin's Permit VIC/P67
Australian energy company WHL Energy Limited (WHL Energy or the Company) reported Monday that the Company has agreed to grant an extension to Tap Oil Ltd (TAP) for the election date of the seismic option to acquire a 10 percent interest in exploration permit VIC/P67 in Otway Basin offshore Australia, until the close of business Feb. 13, 2015.
During October, WHL Energy Limited commenced a farm-out process for VIC/P67 to seek partners through the exploration drilling phase while retaining meaningful exposure to the permit. A data room was opened and strong interest was received from a number of pre-qualified companies, the Company remains in discussions with several companies regarding a potential farmin.
WHL Energy previously identified 14 prosects with total best estimate Prospective Resources of 1,044 billion cubic feet of gas and 31.2 million barrels of condensate and LPGs (liquefied petroleum gas) in VIC/P67. WHL Energy’s position remains that the strong demand for domestic gas on the east coast of Australia together with the conventional VIC/P67 Prospective Resources may provide a cost competitive gas supply to these markets.
David Rowbottam commented: “The extension to the election date of the seismic option provides the best opportunity for a strong joint venture going forward with TAP being a well-funded and capable potential joint venture participant. The Company is also continuing to work through the farm-out process which is expected to carry on through January.”
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