29 November, 1996
23 December 2015
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
www.tapoil.com.au
SETTLEMENT OF CLAIM WITH APACHE
Tap Oil Limited (ASX:TAP) is pleased to announce that it has reached a settlement with Quadrant Northwest Pty Ltd (formerly Apache Northwest Pty Ltd) (Apache) on the basis that Apache's claim against Tap is dismissed with Apache paying Tap costs of A$50,000.
On 1 September 2014, Tap announced that Tap (Shelfal) Pty Ltd was named as a party to a writ from Apache. The Apache claim was for US$4.154 million plus interest and costs.
The claim was for the repayment of a portion of the moneys paid to Tap by BHP Billiton Petroleum (North West Shelf) Pty Ltd under a Farmin Agreement entered into in June 2011 between Tap and BHP Billiton, under which Tap sold to BHP Billiton a 25% interest in the WA-351-P permit offshore Carnarvon Basin.
Tap understands that BHP Billiton subsequently assigned to Apache a portion of its interest in WA-351-P.
It was not apparent on what basis Apache was making a claim against Tap under a Farmin Agreement to which it was not a party. Tap considered that the claim was without merit and is pleased with the settlement outcome.
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