On 11 April 2011, Tap Oil Limited had agreed to sell its interests in a portfolio of non-core assets in the Carnarvon Basin to companies in the Sydney based, privately owned Hardie Energy Group, subject to joint venture and government approvals. The approvals now seem unlikely to be satisfied within the timeframe provided for in the Sale and Purchase Agreement.

As a result, Tap together with the Hardie Energy Group, advise that the parties have mutually agreed to terminate the Sale and Purchase Agreement relating to the sale of Tap's non-core assets in the Carnarvon Basin.

Tap will continue to work toward rationalising its portfolio to ensure that resources can be focused on the three core areas, being the Carnarvon Basin in Western Australia, Thailand and Ghana.

Tags: Tap Oil Limited