Tuesday 18 December 2018

Tap Oil Limited announced that a new offtake agreement has been signed in relation to the marketing of crude from the Manora oil field, offshore Thailand, at a slightly improved price premium to current arrangements.

The Manora oil field Operator and Tap’s wholly owned subsidiary, Tap Energy (Thailand) Pty Ltd (Sellers) have secured a crude offtake agreement with PTT Public Company Limited (for domestic Thailand sales) and PTT International Trading Pte Ltd (for international sales) (Buyer) for 100% of the Seller’s entitlement to Manora crude oil produced in 2019. Offtake will be up to a maximum, at the Seller’s discretion of 300,000 barrels in each month of lifting at a price of Platts Dubai plus a premium in line with improved oil market conditions.

This agreement will take effect from 1 January 2019 and has a 12 month term.