Australian energy company WHL Energy Limited
(ASX:WHN) (“WHL Energy” or “the Company”) is pleased to announce that the payment of US$2,778,887 due from Tap Oil Limited
(ASX:TAP) (“Tap”) has been received.
Under the terms of the 18 September 2013 agreement, Tap had the option to acquire a 10% interest in the WHL Energy-operated VIC/P67 permit off the coast of Victoria by paying up to US$2.95 million of the Year Two commitment seismic costs in the permit. Following the announcement on 11 February 2015 that Tap had elected not to proceed, the payment obligation remained firm regardless of Tap’s election not to acquire the initial 10% interest.
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