Tap Oil Limited (Tap) report that the Ministry of Energy, Ghana has granted a 12 month extension of the Initial Exploration Period under the Petroleum Agreement in respect of the Offshore Accra Contract Area. The Initial Exploration Period now ends on 23 September 2013, by which date the commitment well must be drilled.

New 3D seismic was acquired over the deepwater part of the Contract Area in early 2011. Interpretation of the data at hand indicates multiple large prospects within both the post-rift Upper Cretaceous fan sands (the same play type as Jubilee) and pre-rift Lower Cretaceous rotated fault blocks (the same play type as the Espoir and Baobab oil fields). To date several prospects and leads have been mapped and have unrisked prospective resources of greater than 3 billion barrels.

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