Tamaska Buys Stake in West Oz Project
Tamaska Oil & Gas has acquired a 20% interest in the Talisman Deeps project, located in the offshore Carnarvon basin, northwest Australia, it said on February 22.
“There is a large potential hydrocarbons accumulation upon Talisman Deeps known as Napoleon,” it said. Tamaska’s interest in Talisman Deeps was acquired through the acquisition of a 20% shareholding in Skye Napoleon, which owns 100% of the project comprising all the petroleum rights below 2,700m in offshore petroleum production licence WA-8-L.
The company has a right to convert this 20% shareholding to a 20% direct participating interest in the project upon a joint venture for the project being formed. Tamaska will contribute to expenditure in accordance with its percentage interest.
Skye is developing Napoleon up to drill-ready status over the next four months, Tamaska said. A preliminary estimate of the Napoleon exploration well cost is A$45mn (US435mn) of which Tamaska’s share will be A$9mn.