Sector News

Tap Oil signs production sharing contract for highly prospective Myanmar Block

August 27, 2015
  •  Tap takes a 95% participating interest and operatorship in Myanmar
  •  Block M-7 is in the prolific offshore Moattama province
  •  18 month ESIA and Study Period agreed under the PSC

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

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

How can we help you?

We're easy to reach