Australian oil and gas exploration firm Tap Oil has agreed to sell its interest in a permit off Western Australia to a private E&P company.
The company sold its 20% interest in permit WA-8-L for a cash consideration of $800,000.
The production licence is situated within the north eastern part of the Northern Carnarvon Basin and was awarded in 1988.
It includes the Talisman field – which was abandoned in 1992 – and the Amulet field, which was discovered in 2006.
The sale is dependent on NOPTA approving the transfer of the asset to the purchaser and the purchaser complying with the requirements of the operating agreement.
If the conditions are not met within 90 days the agreement will lapse.