The Perth-based company yesterday said the JV had been awarded T06-3, in the northern part of the Bass Basin, covering an area of 2890 square kilometres.

The block contains the existing Cormorant oil and condensate discovery and lies about 20km north of the Yolla gas-condensate discovery.

Tap said the work program will include initial seismic acquisition followed by two wells.

“We are delighted with the successful acquisition of T06-3, which we see as having significant hydrocarbon potential,” the company said.

“Whilst investigating the Cormorant field, the joint venture will also progress the acquisition of new seismic to identify additional structures, with a view to drilling in the subsequent year.

“This is the first venture for Tap with SPC and Jubilant and we are looking to forward to working with our new partners on this and future opportunities.”

Interests in the T06-3 JV are operator Tap with 40%, SPC with 35% and Jubilant Energy, 25%.