Australian energy company WHL Energy Limited has announced that company has agreed to grant an extension to Tap Oil Ltd for the election date of the seismic option to acquire a 10% interest in exploration permit VIC/P67, until the close of business 13 February 2015.
During October 2014, 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 potential farming.
WHL Energy previously identified 14 prospects with a total best estimate of 1044 Bcf of gas and 31.2 MMbbl of condensate and LPGs in VIC/P67. WHL Energy’s position remains strong with demand for domestic gas on the east coast of Australia together with the conventional VIC/P67 prospective resources that 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.”
Adapted from press release