Tap Responds To Media Speculation Regarding Potential Sale Of Gas Assets

Tap Oil Limited issued a statement regarding  media speculation in today’s The Australian Financial Review regarding the potential sale of some or all of Tap’s interest in the Zola and Tallaganda gas fields.

Tap said it is focused on commercializing its portfolio of exploration and development assets. These assets include the significant Zola gas discovery in WA-49-R / WA-290-P and the Tallaganda gas discovery in WA-351-P in the offshore Carnarvon Basin, Western Australia.

“Given the significant Zola gas discovery will likely be a long lead time LNG development, Tap is continuing to investigate options to monetise its interest in that asset. The Tallaganda discovery in WA-351-P may be a complementary asset for a gas buyer,” said Tap.

As disclosed in the June 2012 Quarterly Report, Tap said it has commenced preliminary steps to package its interests in WA-49-R, WA-290-P and WA-351-P and to test the market for the sale of these assets. Tap has now received the Operator’s preliminary volumetric assessment of the potential gas resource at Tallaganda within WA-351-P and is reviewing this assessment.

At this stage, no offers have been received for these assets, Tap said.

Tap said it will keep shareholders informed of any material developments in relation to the potential sale of some or all of these assets.