WA-320-P is an exploration permit in the offshore Carnarvon Basin, Western Australia. The permit contains the Palmerston gas prospect. Tap holds a 33.33% interest in the permit with OMV Australia Pty Ltd as Operator. The permit expires in October 2016 and the minimum work requirements include one exploration well.
Production License WA-8-L is situated within the north eastern part of the Dampier Sub-Basin of the Northern Carnarvon Basin. The permit was awarded in 1988 for a period of 21 years during which time the Talisman Field has been developed. The Talisman Field was abandoned in 1992, since then there has been no further production in the permit. The Amulet oil Field was discovered within the permit in May 2006 with the drilling of wells Amulet -1, 2 and 3.
On 24 April 2012, Tap entered into a binding agreement with Rusa Resources Pty Ltd (Rusa) to participate in the exploration of a significant acreage position in the onshore Carnarvon Basin, Western Australia. The exploration focus is primarily on unconventional plays, with the main targets being Permian shale gas and Devonian shale oil. There is also conventional oil and gas potential.
Rusa holds full equity ownership in two special prospecting authority (SPA) applications (STP-SPA-018 and STP-SPA-021) with acreage options. The acreage options allow for the potential to convert up to 50% of the SPA areas into exploration permits, subject to usual government and other approvals. The SPAs cover a total combined area of over 38,000 km2 (9.47 million acres), and contain a large part of the Palaeozoic Merlinleigh Sub-basin, the entire Byro Sub-basin, plus associated shelfal areas.
Tap will earn the right to take a 20% interest in the resulting exploration permits on election, with an option to earn an additional 15% in each permit.
The acreage position is favourably located in close proximity to the Dampier to Bunbury natural gas pipeline which could provide access to either the growing Western Australian domestic gas market or the LNG export market.