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March 8, 2015

Tap Oil wins two new offshore blocks in Australia

Tap Oil has secured two exploration permits on the North West Shelf, off the coast of Western Australia.

Tap Oil has secured two exploration permits on the North West Shelf, off the coast of Western Australia.

The blocks, W14-7 and W14-16, were awarded as part of Australia’s Work Program Round 1, which included 14 of 30 blocks being offered under the 2014 Offshore Petroleum Exploration Acreage Release.

W14-07, now petroleum exploration permit WA-515-P, is on the Rankin Platform in water depths, ranging from less than 100m to 400m. It covers approximately 485km².

The permit lies between the Wheatstone gas field to the west and the Goodwyn/Perseus gas fields to the east.

"The permit covers 50m to 200m water depth and an area of around 160km²."

W14-16, now petroleum exploration permit WA-516-P, is to the east of the Alpha Arch on the western flank of the Barrow sub-basin. It is adjacent to other Tap Oil held acreage.

The permit covers 50m to 200m water depth and an area of around 160km². It lies between the Griffin, Chinook/Scindian fields and the Woollybutt oil field.

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Tap Oil has agreed to a three year work programme featuring the reprocessing of open file 3D seismic or licensing existing multi-client reprocessed 3D data, quantitative interpretation studies and G&G studies.

Each three year work programme runs through to 5 March 2018.

The majority of the funds are expected to be spent from 2016. The optional secondary work programme includes 3D seismic acquisition in the fourth year and a well in the sixth year.

Headquartered in Perth, Tap Oil has interests in Australia and South East Asia. The company plans to continue a measured exploration and development programme in the future.

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