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In a statement yesterday, Tap Oil said the 8.2% working interest in the Santos-operated WA-191-P exploration permit would enhance the commercialisation potential of its Amulet oil discovery in the neighbouring permit.
The joint venture has agreed to drill an exploration well on the Totem prospect, which is located 4km north-east of the Amulet field in WA-191-P, in the current quarter.
A discovery at Totem could be developed in combination with the Amulet field, according to Tap.
After Totem-1, the JV plans to drill a second exploration well, Fletcher-1, in the middle of the year.
The WA-191-P JV comprises Santos (operator) and Kufpec, both with 33.4% stakes, Nippon Oil Exploration, with 25%, and now Tap Oil with 8.2%.
The Amulet partners are Kufpec (42.63%), Santos (37.38%) and Tap Oil (20%).
