| VICP/67, Otway Basin - Extension of Option Exercise Date | |
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29 December 2014
The Company Announcements Platform Australian Securities Exchange Exchange Centre
20 Bond Street
SYDNEY NSW 2000
Tap Oil Limited
ABN 89 068 572 341
Level 1, 47 Colin Street
West Perth WA 6005
Australia
T: +61 8 9485 1000
F: +61 8 9485 1060
E: [email protected]
www.tapoil.com.au
VICP/67, OTWAY BASIN - EXTENSION OF OPTION EXERCISE DATE
Tap Oil Limited (ASX:TAP) announced on 18 September 2013 that it had executed an agreement with WHL Energy Limited (ASX:WHN) for an option to acquire an initial 10% interest in exploration permit Vic/P67 in the offshore Otway Basin. WHL also announced a farmout of a 60% interest in Vic/P67 to AWE Limited (ASX:AWE) on 4 September 2013.
Under the terms of the agreement, Tap purchased an option to acquire an initial 10% interest in Vic/P67 by paying US$2.95 million of the Year Two commitment seismic costs in the permit. The payment was deferred until 31 March 2015.
Tap was not required to exercise the option until 10 days after an election by AWE to enter the drilling phase. On 19 December 2014 AWE confirmed that it has elected not to proceed as part of the Joint Venture.
WHL is currently conducting a farm-out process for Vic/P67. On 24 December 2014 Tap agreed with
WHL, at no further cost to Tap, an extension of the exercise date for the option. Tap now has until 13
February 2015, or 10 calendar days following notice from WHL that a farmin agreement has been reached, to exercise the option.
Enquiries: Troy Hayden Managing Director/CEO
Anna Sudlow Investor Relations & Commercial Manager
Telephone: +61 8 9485 1000
Email: [email protected]
Website: www.tapoil.com.au
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Australian Wordlwide Exploration Limited
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CODE : AWE.AX |
ISIN : AU000000AWE9 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Australian Worldwide Expl. is a exploration company based in Australia. Australian Worldwide Expl. is listed in Australia and in Germany. Its market capitalisation is AU$ 496.5 millions as of today (US$ 374.2 millions, € 312.9 millions). Its stock quote reached its highest recent level on September 19, 2014 at AU$ 2.00, and its lowest recent point on January 22, 2016 at AU$ 0.31. Australian Worldwide Expl. has 528 159 968 shares outstanding. |