Harriet JV Issues Force Majeure Notice to Burrup Fertilisers
Tap Oil Limited said that its subsidiary, Tap (Harriet) Pty Ltd (Tap), has issued a notice of force majeure in relation to the gas reservation requirements for the Harriet Joint Venture (HJV) under the Gas Sale and Purchase Agreement entered into in December 2001 with Burrup Fertilisers Pty Ltd.
Tap has a 12.2229% interest in the HJV and a corresponding interest as a gas seller under the Agreement. Tap's partners in the HJV, Apache and KUFPEC, have also issued force majeure notices to Burrup Fertilisers.
The force majeure events described in the notice include the failure of certain HJV exploration and development wells as previously reported to the ASX.
The Agreement requires the HJV to have gas reserves for supply under the Agreement for a prescribed period (currently approximately 20 years). The effect of the force majeure notice is to suspend this obligation to the extent that the HJV is unable to demonstrate the full 20-year reserve requirement.
The HJV is currently supplying the daily contract quantity of gas in accordance with the terms of the Agreement and it anticipates to be able to deliver gas for some years to come.
Further, the HJV continues to progress further exploration and development programs for gas in its permit areas.
The HJV participants are seeking a coordinated resolution to this situation and expect further correspondence and meetings with Burrup Fertilisers in the near term. Tap will provide further information when it is able to do so. Tap has complied with its continuous disclosure obligations on this matter and will continue to do so.
Harriet Joint Venture Participants:
- Tap (Harriet) Pty Ltd, 12.2229%
- Apache Northwest Pty Ltd (Operator), 68.5%
- Kufpec Australia Pty Ltd, 19.2771%
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