Tap Oil Limited recently provided an update on the status of its commercial relations with the Thai entrepreneur, Mr Chatchai Yenbamroong, and his Northern Gulf companies, in its ASX announcement dated 7 April 2015.
The update included the status of a number of staged acquisition payments that were agreed with Northern Gulf Petroleum Holdings Limited (NGPH) and its subsidiary, Northern Gulf Petroleum Pte. Ltd ( NGP) as part of Tap's acquisition of its 30% interest in the G1/48 concession.
As part of these agreed acquisition payments, Tap expects to make a payment to NGPH during 2015 based on the Operator's 2P reserves estimate for the Manora oil field as at 31 December 2014. Tap understands that the Operator (Mubadala Petroleum) is currently finalising the 2P reserves estimate as at 31 December 2014 for review by the joint venture.