Tap Oil Ltd has increased its stake in a gas-prospective permit in the Carnarvon Basin offshore Western Australia by snapping up ROC Oil Company Ltd's interest, beating bidder Woodside Petroleum Ltd.
ROC in December agreed to sell its 20 per cent interest in the WA-351-P permit to Woodside, which is not a party to the existing joint venture, for $US15.75 million in cash.
Source: The Sydney Morning Herald
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