Tap to Explore Highly Prospective Ghana Block

Source: www.gulfoilandgas.com 3/30/2010, Location: Africa

Tap Oil confirms it has executed a Petroleum Agreement with the Ghana National Petroleum Corporation for the exploration of the “Offshore Accra Contract Area”, in Ghana, West Africa. Tap will hold a 36% interest and be the Operator of the Joint Venture and Petroleum Agreement.

The Agreement will become effective when ratified by the Parliament of the Republic of Ghana. We have been advised verbally that ratification occurred on 24 March 2010 and await written confirmation.

3D seismic indicates the potential for multiple large (+100 million barrel) oil accumulations in the Contract Area.

The Offshore Accra Contract area is located on the West African Transform Margin. One of the world’s largest oil discoveries in 2007, Kosmos Energy and Tullow Oil’s 1.2 billion barrel Jubilee discovery, is located in the adjacent and analogous basin which also forms part of the West African Transform Margin.

The Offshore Accra Contract Area fits Tap’s strict internal technical, economic and overall operating criteria for new ventures. It forms part of Tap’s exploration strategy, of adding 1-2 high quality blocks to its portfolio each year and gaining maximum value by securing the acreage early in the exploration cycle.

2010 activity in the Contract Area will focus on seismic reprocessing and new seismic acquisition, with one well to be drilled 2011/12.

Ghana ranks as one of the most financially and politically stable countries in Africa. That stability was highlighted when US President Barack Obama deliberately chose Ghana as his first African destination upon becoming US President.


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