Australia’s Tap increases Ghana stake

10 August 2011 – Australia-listed Tap Oil has increased its stake in the Accra contract area, off Ghana, by an additional 5%. Tap said it had executed an agreement to purchase the 5% stake from joint venture partner Challenger Minerals for $1.5 million.

The purchase will see the operators stake increase from 40% to 45% following the completion of the transaction, which is subject government approval and approval from the Ghana National Petroleum Corporation.

The offshore Accra contract area covers an area of 2000 square kilometres with deep-water leads similar to the nearby Jubilee discovery identified on existing 2D seismic.

A 3D seismic survey was completed in February, which Tap said was currently being processed to confirm and mature the deep-water leads with early fast-track results proving to be “encouraging”.

Following the completion of the deal Challenger Minerals will continue to hold a 20% stake in the offshore Accra contract area, with AFEX Oil holding the remaining 35% interest.

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