- Tamaska Oil and Gas (TMK) has acquired a 20 per cent interest in the Talisman Deeps Project in north-west Australia
- The company achieved this by acquiring a shareholding in Skye Napoleon, which wholly owns the project
- According to the company, The Talisman Deeps Project could host a large hydrocarbons accumulation called Napoleon, which it considers an outstanding exploration target
- Over the next four months, Skye Napoleon will develop the Napoleon target to drill-ready status
- Tamaska Oil and Gas closed 8.33 per cent in the red to trade at 1.1 cents per share
Tamaska Oil and Gas (TMK) has acquired a 20 per cent interest in the Talisman Deeps Project in north-west Australia.
The Talisman Deeps Project is located in the offshore Canarvon Basin, off Australia’s north-west coast. Tamaska is particularly interested in the project because it hosts a large potential hydrocarbons accumulation called Napoleon, which the company considers to be an outstanding exploration target.
The company acquired its interest in the project through a new shareholding in Skye Napoleon, which wholly owns the project. Skye Napoleon’s interest in the project includes all of the petroleum rights below 2700 metres in offshore petroleum production licence WA-8-L.
If the two companies decide to form a joint venture, Tamaska has the right to convert its current 20 per cent shareholding to a 20 per cent direct participating interest in the project.
A Director of Tamaska, Joseph Graham, called the acquisition an exceptional opportunity for the company.
“Napoleon is a large high-quality structure located in a proven productive reservoir in the richest petroleum basin in Australia,” he said.
“We have undertaken extensive technical work and believe that Napoleon is likely to prove to be an outstanding exploration target with large upside for the participants. It has the potential to be one of the most significant and exciting petroleum exploration wells drilled in Australia over the next year,” he added.
Over the next four months, Skye Napoleon will continue to develop the Napoleon target to drill-ready status. It is estimated that Tamaska will spend approximately $250,000 to prepare the project for drilling.
Tamaska Oil and Gas closed 8.33 per cent in the red to trade at 1.1 cents per share 4:10 pm AEDT.