Sale of 75% Interest in Retention Lease R3

Source: www.gulfoilandgas.com 10/19/2010, Location: Not categorized

Tap Oil Limited is pleased to advise that it has agreed to sell its 75% interest in the R3 Retention Lease in the offshore Carnarvon Basin, Western Australia to Oil Basins Limited (OBL). The terms of the transaction are set out in the Oil Basins Limited ASX Release attached.

Tap’s Managing Director Mr Stickland said the R3 lease, which contains the stranded Cyrano field, is not a key focus for Tap and hence is more valuable in the hands of Oil Basins who have a strategy more suited to this style of asset. The divestment of assets such as R3 enables Tap to stay focused on executing its current high impact exploration program and capturing additional material opportunities.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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