Tap Oil Limited (ASX: TAP) announces that it has agreed to sell its 75% interest in the R3 Retention Lease in the offshore Carnarvon Basin, Western Australia to Oil Basins Limited (OBL).
The terms of the transaction are set out in the Oil Basins Limited ASX Release attached.
Tap’s Managing Director Mr Stickland said the R3 lease, which contains the stranded Cyrano field, is not a key focus for Tap and hence is more valuable in the hands of Oil Basins who have a strategy more suited to this style of asset. The divestment of assets such as R3 enables Tap to stay focused on executing its current high impact exploration program and capturing additional material opportunities.
[mappress]
Source:TapOil, October 20, 2010;