Perth-based Tap Oil has bought ExxonMobil's stake in two petroleum licences in the Carnarvon Basin for $2 million.
The transaction includes a 12.47% interest in TP/7 and a 10% interest in TL/2, including the Airlie Island production facilities.
Tap said appraisal wells would be drilled on the Taunton prospect in TL/2 in the next few months.
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