Tap Oil Reaches Settlement with Quadrant Northwest Pty Ltd
Tap Oil Limited announced Wednesday that it has reached a settlement with Quadrant Northwest Pty Ltd (formerly Apache Northwest Pty Ltd), following a financial dispute.
On September 1, 2014, Tap announced that Tap (Shelfal) Pty Ltd was named as a party to a writ from Apache. The Apache claim, which was for $4.154 million plus interest and costs, referred to the repayment of a portion of the moneys paid to Tap by BHP Billiton Petroleum (North West Shelf) Pty Ltd under a farm-in agreement entered into in June 2011 between Tap and BHP Billiton, under which Tap sold to BHP Billiton a 25 percent interest in the WA-351-P permit offshore the Carnarvon Basin. Tap believes that BHP Billiton subsequently assigned to Apache a portion of its interest in WA-351-P.
The settlement was made on the basis that Apache’s claim against Tap is dismissed, with Apache paying Tap costs of A$50,000 ($36,130).
Commenting on the settlement, a Tap Oil statement said:
“It was not apparent on what basis Apache was making a claim against Tap under a farm-in agreement to which it was not a party. Tap considered that the claim was without merit and is pleased with the settlement outcome.”