Tap Oil Decides Not to Acquire 10% Stake in Permit VIC/P67 in Otway Basin

Australia's Tap Oil Limited reported Wednesday that it had announced Sept. 18, 2013 that it had executed an agreement with WHL Energy Limited for an option to acquire an initial 10 percent interest in exploration permit VIC/P67 in the offshore Otway Basin, Australia.

Under the terms of the agreement, Tap purchased an option to acquire an initial 10 percent interest in VIC/P67 by paying up to $2.95 million of the Year Two commitment seismic costs in the permit. The payment was deferred until March 31.

Tap has today advised WHL that it has elected not to exercise its option to acquire 10 percent of the VIC/P67 permit. The final seismic cost amounts to $ 2,778,887 and remains payable March 31. Upon payment Tap will have no further obligation or liability in respect of exploration permit VIC/P67.

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