WHL Energy Limited provides VIC/P67 tap update

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

Published on 02/01/2015

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