Tap Oil has executed a Petroleum Agreement with Ghana National Petroleum Corporation to explore the Offshore Accra Contract Area in Ghana, West Africa. Tap will hold a 36% interest and be the Operator of the Joint Venture and Petroleum Agreement.
The Agreement will become effective when ratified by the Parliament of the Republic of Ghana. The company has been advised verbally that ratification occurred on March 24, 2010 and is awaiting written confirmation.
3D seismic indicates the potential for multiple large (+100 million barrel) oil accumulations in the Contract Area.
The Offshore Accra Contract area is located on the West African Transform Margin. One of the world's largest oil discoveries in 2007, Kosmos Energy and Tullow Oil's 1.2 billion-barrel Jubilee discovery, is located in the adjacent and analogous basin which also forms part of the West African Transform Margin.
The Offshore Accra Contract Area fits Tap's strict internal technical, economic and overall operating criteria for new ventures. It forms part of Tap's exploration strategy, of adding 1-2 high quality blocks to its portfolio each year and gaining maximum value by securing the acreage early in the exploration cycle.
2010 activity in the Contract Area will focus on seismic reprocessing and new seismic acquisition, with one well to be drilled 2011-12.
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