Tap Oil Limited (ASX:TAP) is pleased to advise it has formalised its entry into Myanmar following the signing of the Production Sharing Contract for the shallow water Block M-7 in the Moattama Basin (PSC).
Tap holds a 95% participating interest in the M-7 Block and has assumed operatorship.
Tap Energy (M7) Pte. Ltd, and its local joint venture participant, Smart E&P International Company Ltd., signed the Production Sharing Contract with Myanmar Oil and Gas Enterprise (MOGE) at an official ceremony in Nay Pyi Taw, on 26 August 2015.
Under the executed PSC, the JV partners have agreed to undertake an 18 month Environmental and Social Impact Assessment (ESIA) and Study Period, followed by an option to proceed to a three-year commitment exploration work programme. Tap anticipates that it will spend approximately US$2.75 million on the M-7 Block up to and including the Study Period, which has a minimum expenditure requirement of US$2 million. Tap may spend more before and during the Study Period.
Managing Director/CEO, Troy Hayden, said:
‘The inclusion of Block M-7 in Tap’s portfolio is in line with the Company’s Southeast Asian growth strategy, anchored by the flagship Manora Oil Development that has been in production for nine months.’
Source: Oil Voice
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