Tap pulls out of Sulu Sea permit

Tap Oil has relinquished the SC-41 exploration block in the Sulu Sea off the southern Philippines.

Offshore staff

PERTH, Western Australia -- Tap Oil has relinquished the SC-41 exploration block in the Sulu Sea off the southern Philippines.

The next phase of the contract would have entailed a commitment to drill an exploratory well by May 2011. However, the partners elected not to drill at this juncture after Tap failed to secure a farm-out in the time available.

Tap CEO Peter Stickland said Tap had focused on this and the Zola prospect in the WA-290 permit off Western Australia. Here it was able to arrange a farm-out, which has led to acceleration of a proposed drilling program.

Presently, the company is continuing exploration elsewhere, including near-term drilling in Brunei and Australia’s Carnarvon and Bass basins.

08/12/2010

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