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

SHELL HOMES IN ON TROLL FIELD DEVELOPMENT

01/08/1990 Norske Shell will recommend to partners that Troll gas field in the Norwegian North Sea be developed using multiphase flow pipelines and onshore pr...

WASHINGTON TO DETERMINE OCS LEASE SALE SCHEDULE

01/08/1990 Patrick Crow Washington Editor The U.S. government will make critical decisions on the future of Outer Continental Shelf leasing this year. And it ...

ENVIRONMENTAL CONCERN OUTWEIGHS ACTION ON ENERGY IN CONGRESS

01/29/1990 Patrick Crow Washington Editor U.S. environmental issues will continue to outweigh energy concerns in this session of Congress. And the environment...

NEW SITES SHOULD REFIRE PARADOX INTEREST

02/05/1990 John C. McCaslin Exploration Editor There are more growing signs of renewed exploratory interest in the Paradox basin of the Four Corners region. C...

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