Australia: Carnarvon Zola area acreage swap set

A unit of Tap Oil Ltd., Perth, has entered into an agreement with a subsidiary of Apache Corp. to exchange a 13.555% interest in the WA-320-P exploration permit for a corresponding 13.555% interest in the Part II area of the adjacent WA-155-P exploration permit in the Carnarvon basin offshore Western Australia.

Apache will operate both permits. The Palmerston gas prospect straddles the two permits, and the new WA-320P joint venture is looking at drilling it in late 2013 or 2014 rather than in 2015.

Troy Hayden, Tap’s managing director and chief executive officer, said that the success of the Zola-1 discovery in WA-290-P has improved the commercial potential of the Palmerston prospect in WA-320-P (OGJ Online, Feb. 27, 2011). The equity swap gives Tap access to the entire prospect while managing the 33.333% equity exposure the company had previously in WA-320-P.

The acreage swap is subject to Foreign Investment Review Board approval and other approvals as are standard for a transaction of this type. Subject to receipt of these approvals, the effective date of the transaction is July 1, 2012.

Post-farmout equity interests are in WA-320-P Apache 40.665%, OMV Australia Pty. Ltd. 39.557%, and Tap (Shelfal) Pty. Ltd. 19.778%, and in WA-155-P Apache 40.668%, OMV Australia 27.110%, Inpex Alpha Ltd. 18.667%, and Tap (Shelfal) 13.555%.

Related Articles

Kentucky: Daybreak begins 2014 drilling campaign

03/28/2014 Daybreak Oil & Gas Inc., Spokane, Wash., has drilled the first well in its 20-well development drilling program for the 2014-15 fiscal year at ...

Egypt: IPR finds oil, gas in Southwest Gebel El-Zeit prospect

03/07/2014 Irving, Tex., independent IPR Inc. has made a discovery in its first drilled well, SWGEZ-5, in its Southwest Gebel El-Zeit concession in the Gulf o...

Guatemala: Atzam oil project advances

03/07/2014 Latin American Resources Ltd. (LAR) has drilled to 1,250 ft and successfully set and cemented the first intermediate 13.375-in. casing string in th...

Lundin completes Barents Sea exploration well

02/21/2014 Lundin Petroleum AB reported through its subsidiary, Lundin Norway AS, that it has completed drilling of its 7222/11-2 well on the Langlitinden pro...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected