Tap Oil Limited (ASX Code: TAP) is pleased to announce that the Contractor Group has executed a
farmout of a portion of their interests in the Offshore Accra Contract Area, Ghana.
Under the terms of the Farmout Agreement, a wholly owned subsidiary of Ophir Energy plc (Ophir)
will assume operatorship of the Offshore Accra Contract Area on behalf of the Contractor Group and
execute drilling of the deepwater Starfish-1 well. Ophir is a successful, African focused upstream oil
and gas company with significant deepwater West African drilling experience.
The Starfish-1 prospect has been recommended for drilling in 2013. The well will target a large,
deepwater, Jubilee look-a-like trap. Tap estimates that the well will target prospective resources in the
order of half a billion barrels (431 mmbbls (P50); 665 mmbbls (PMean)).
Tap has reduced its participating interest in the Contract Area from 40% to 17.5%, held through its
subsidiary Tap Oil (Ghana) Limited, and will receive approximately US$4.4 million in past costs from
the farmees.
Tap’s Managing Director/CEO, Troy Hayden said:
“The farmout of Tap’s interest in Ghana has significantly reduced the risk associated with our high
equity position in the Ghana exploration program. The Contractor Group has been considerably
strengthened and Ophir has extensive regional drilling experience and is ideally placed to assume
operatorship of the acreage. A successful discovery in this high risk well would be transformational
for Tap.”