Tap Oil Limited announced on 18 September 2013 that it had executed an agreement with WHL Energy Limited for an option to acquire an initial 10% interest in exploration permit Vic/P67 in the offshore Otway Basin.
Under the terms of the agreement, Tap purchased an option to acquire an initial 10% interest in Vic/P67 by paying up to US$2.95 million of the Year Two commitment seismic costs in the permit. The payment was deferred until 31 March 2015.
Tap has today advised WHL that it has elected not to exercise its option to acquire 10% of the VIC/P67 permit. The final seismic cost amounts to US$2 778 887 and remains payable on 31 March 2015. Upon payment Tap will have no further obligation or liability in respect of exploration permit Vic/P67.
Adapted from a press release by David Bizley