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ZIMI LIMITED — Capital/Financing Update 2014
Dec 28, 2014
66122_rns_2014-12-28_64689788-77c4-4590-9cd8-5e0c9231d976.pdf
Capital/Financing Update
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29 December 2014
The Company Announcements Platform Australian Securities Exchange Exchange Centre 20 Bond Street SYDNEY NSW 2000
Tap Oil Limited ABN 89 068 572 341 Level 1, 47 Colin Street West Perth WA 6005 Australia
T: +61 8 9485 1000 F: +61 8 9485 1060 E : [email protected] www.tapoil.com.au
VICP/67, OTWAY BASIN - EXTENSION OF OPTION EXERCISE DATE
Tap Oil Limited ( ASX:TAP ) announced on 18 September 2013 that it had executed an agreement with WHL Energy Limited ( ASX:WHN ) for an option to acquire an initial 10% interest in exploration permit Vic/P67 in the offshore Otway Basin. WHL also announced a farmout of a 60% interest in Vic/P67 to AWE Limited ( ASX:AWE ) on 4 September 2013.
Under the terms of the agreement, Tap purchased an option to acquire an initial 10% interest in Vic/P67 by paying US$2.95 million of the Year Two commitment seismic costs in the permit. The payment was deferred until 31 March 2015.
Tap was not required to exercise the option until 10 days after an election by AWE to enter the drilling phase. On 19 December 2014 AWE confirmed that it has elected not to proceed as part of the Joint Venture.
WHL is currently conducting a farm-out process for Vic/P67. On 24 December 2014 Tap agreed with WHL, at no further cost to Tap, an extension of the exercise date for the option. Tap now has until 13 February 2015, or 10 calendar days following notice from WHL that a farmin agreement has been reached, to exercise the option.
Enquiries:
Troy Hayden Managing Director/CEO Anna Sudlow Investor Relations & Commercial Manager Telephone: +61 8 9485 1000 Email: [email protected] Website: www.tapoil.com.au
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