Tap Oil Ltd. (ASX: TAP.AX) said Feb. 11 that it chose not to exercise an option regarding a 10% interest in an exploration permit in the Otway Basin.
A payment of US$2.95 million, under a farm-in agreement with WHL Energy Ltd. (ASX: WHN.AX) to acquire the interest in the Vic/P67 exploration permit, had been deferred until March 31.
The agreement was originally announced Sept. 18, 2013, the company said. Tap had purchased an option to acquire the interest, agreeing to pay the seismic costs. Tap will pay the final cost of about US$2.7 million on March 31, the company said.
After that, the company will have no further responsibility regarding the permit.
Tap Oil Ltd. is based in West Perth, Western Australia.
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