Tap Oil Limited has executed an agreement to purchase an additional 5% participating interest in the Offshore Accra Contract Area, Ghana from Challenger Minerals Inc for USD1.5 million.

This transaction, which will increase Tap's participating interest from 40% to 45%, is another example of Tap actively managing its asset portfolio to capitalise on commercial opportunities which arise.

This transaction is subject to the prior written approval of the Ghana National Petroleum Corporation and of the Minister for Energy of the Republic of Ghana. Subject to such approvals, the effective date of the transaction will be 1 April 2011.

Tap's managing director/CEO Troy Hayden said: "As with our pre-emption of the WA-351-P sale, we see this as a commercially attractive opportunity to increase our holding in a highly prospective asset.

Early results from the 2011 3D seismic survey over the deep water leads are encouraging and this additional 5% enhances our strategic options in the area."

Tags: Tap Oil Limited