Tap Oil gets extension for acquisition in Otway Basin

WHL Energy Ltd. has agreed to grant an extension to Tap Oil Ltd. for the election date of the seismic option to acquire a 10% interest in exploration permit VIC/P67 in the Otway Basin offshore Australia, until close of business on Feb. 13, 2015.

During October, WHL Energy began a farm-out process for VIC/P67 to seek partners through the exploration drilling phase while retaining meaningful exposure to the permit. A data room was opened and strong interest was received from a number of prequalified companies, the company remains in discussions with several companies regarding a potential farm-in.

WHL Energy has identified 14 prospects with total best-estimate prospective resources of 1,044 billion cubic feet of gas and 31.2 million barrels of condensate and liquefied petroleum gas in VIC/P67.

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