TAP Oil plans to sell a 25% interest in its WA-351-P exploration permit in Western Australia’s Carnarvon Basin to Japan Australia (MIMI) for approximately $30m in cash.

In addition, MIMI will pay Tap’s 20% share of the next exploration well in the permit up to a cap of $10m.

After the transaction closes, Tap’s interest in the permit will reduce from 45% to 20% and BHP Billiton Petroleum, the operator, will hold 55% interest.

The transaction is subject to relevant joint venture and government approvals.