Tap Oil Ltd reported on 30 September 2017 that it commenced the process to withdraw from retention lease WA-49-R, located in the North Carnarvon Basin. Withdrawal was subsequently completed in May 2018.  In doing so, the farm-in opportunity which was being offered by Tap is no longer valid. Tap had reported that was seeking to sell its 10% interest in the permit, which covers an area of 107 sq km over the Zola, Bianchi and Antiope discoveries. Tap stated that although discoveries are located in the permit, Tapâs share price has not seen the value from these and there are no immediate development plans for the assets. Therefore Tap has been looking to monetise the assets through a sale of its interest.   The Zola discovery, which was made by the current Joint Venture in April 2011.Â  Zola is a gas condensate discovery, with estimated 2P recoverable reserves of 346 Bcfg and 4 MMbc. The Bianchi discovery also extends into WA-49-R, a further gas condensate discovery with 2P recoverable reserves of 150 Bcfg and 2.5 MMbc.Â  The Antiope and Lauda discoveries are also in the block, made in January 2000 and April 2005 respectively. These have 2P recoverable reserves of 120 Bcfg with 120 Mbc and 9 MMbo respectively.Â  It was previously reported that Zola and Antiope could be developed together.   Operators Quadrant Energy acquired over 200 sq km of new 3D seismic survey data over WA-49-R and adjacent exploration permit WA-290-P (from which WA-49-R was established). The survey was completed in 2017 and the data, which is currently being processed, will aim to provide further information on the Triassic Mungaroo prospects in the region which, in the case of success, could provide a viable development scheme for the WA-49-R fields.   Tap continues to also look at selling its remaining non-core asset interests in four other licences/permits within the North Carnarvon Basin: with WA-8-L, WA-33-R, TL/2 and TP/7. On 14 June 2017 Tap reported that it has entered into a sale and purchase agreement with a private E&P company for the sale of its 20% interest in WA-08-L. The interest is being sold for AUD 800,000 to an undisclosed party at this stage. Operator Santos Ltd and joint venture partner Kufec Australia are also looking to exit the permit along with the neighbouring Exeter/Mutineer/Fletcher/Finucane fields, to focus on core assets, which does not include Western Australia oil (Santos). WA-08-L contains the Talisman and Amulet oil fields.  At the time of the initial farm-in offer, Tap was also offering interest in WA-351-P, which covered the Tallaganda discovery. However, on 11 April 2016, operator BHP was awarded retention lease WA-72-R over the field. Upon the award of WA-72-R, the joint venture decided not to renew WA-351-P which will expire in June 2016. The Tallaganda gas discovery (2012) has estimated 2P recoverable reserves of 231 Bcfg and 1.1 MMbc within the Triassic Mungaroo Formation.   Companies interested in pursuing opportunities with Tap Oil were to contact:  Silvano Pagnozzi, Senior Geophysicist   Tap Oil Limited, Level 1, 47 Colin Street, West Perth, WA 6005  Phone: +61 8 92267835  Email: silvano.pagnozzi@tapoil.com.au
Australia, WA-49-R