Tap Oil Limited has elected not to exercise its option to acquire 10% of the VIC/P67 permit, located offshore Australia.
To remind, Tap Oil announced on September 18, 2013 that it had executed an agreement with WHL Energy Limited for an option to acquire an initial 10% interest in exploration permit Vic/P67 in the Otway Basin, offshore Australia.
Under the terms of the agreement, Tap purchased an option to acquire an initial 10% interest in Vic/P67 by paying up to $2.95 million of the Year Two commitment seismic costs in the permit. The payment was deferred until March 31, 2015.
The final seismic cost amounts to $ 2,778,887 and remains payable on March 31, 2015. Upon payment, Tap will have no further obligation or liability in respect of exploration permit Vic/P67.