Australian energy company WHL Energy Limited
(ASX:WHN) (“WHL Energy” or “the Company”) notes the announcement from Tap Oil Limited
(ASX:TAP) (“Tap”) that it has elected not to proceed with an option to acquire an initial 10% interest in the WHL Energy-operated VIC/P67 permit off the coast of Victoria.
Under the terms of the 18 September 2013 agreement, Tap had the option to acquire a 10% interest in VIC/P67 by paying up to US$2.95 million of the Year Two commitment seismic costs in the permit.
WHL Energy also notes that Tap has reported that final seismic cost amounting to US $2,778,887 remains payable on 31 March 2015 and that upon payment Tap will have no further obligation or liability in respect of permit VIC/P67.
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