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Tap Oil announces farmout - offshore Accra contract area, Ghana

Thursday, Dec 13, 2012

Tap Oil Limited (ASX Code: TAP) is pleased to announce that the Contractor Group has executed a farmout of a portion of their interests in the Offshore Accra Contract Area, Ghana.

Under the terms of the Farmout Agreement, a wholly owned subsidiary of Ophir Energy plc (Ophir) will assume operatorship of the Offshore Accra Contract Area on behalf of the Contractor Group and execute drilling of the deepwater Starfish-1 well.  Ophir is a successful, African focused upstream oil and gas company with significant deepwater West African drilling experience.

The Starfish-1 prospect has been recommended for drilling in 2013.  The well will target a large, deepwater, Jubilee look-a-like trap. Tap estimates that the well will target prospective resources in the order of half a billion barrels (431 mmbbls (P50); 665 mmbbls (PMean)).

Tap has reduced its participating interest in the Contract Area from 40% to 17.5%, held through its subsidiary Tap Oil (Ghana) Limited, and will eceive approximately US$4.4 million in past costs from the farmees.

Source: Tap Oil

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