Tamaska Oil & Gas Acquires a 20% Interest in the Talisman Deeps Project
ASX-listed Tamaska Oil & Gas Ltd. has entered into an agreement with privately held Arrochar Pty Ltd. to acquire a 20% interest in the Talisman Deeps project located offshore in the Carnarvon basin in Australia. The transaction will be effected by way of acquisition of a 20% shareholding in Skye Napoleon Pty Ltd., which currently holds a 100% interest in the project.
Tamaska will acquire the interest in exchange for the issuance of 45 million ordinary shares valued at A$540,000, based on the company’s closing share price of A$0.012 on February 19th (1-day prior to the announcement of the deal). In addition, Tamaska will also issue 45 million performance shares to Arrochar, which are convertible into common shares, subject to certain conditions.
Upon Skye Napoleon forming a joint venture over the project (with a Joint Operating Agreement), Tamaska may elect to convert its 20% shareholding to a 20% direct participating interest in the project.
The Talisman Deeps project comprises all petroleum rights below 2,700 m in production license WA-8-L in the Barrow-Dampier sub-basin, and is located 127 km off the coast of Dampier. The project’s main focus is the Napoleon prospect, an upthrown tilted fault block with closure in the prolific North Rankin formation.
Skye Napoleon is currently focused on completing extensive 3D seismic reprocessing to improve the imaging of the structure and basin analysis studies to evaluate the composition of hydrocarbons within the structure. The reprocessing is expected to be completed by April 2021. Further work programs include developing the Napoleon prospect up to drill-ready status by April, and drilling an exploration well for an estimated total expenditure of A$45 million.
“Napoleon is a large high-quality structure located in a proven productive reservoir in the richest petroleum basin in Australia. 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,” said Joseph Graham, Director of Tamaska Oil & Gas.
The transaction, which is subject to the issuance of performance shares and the receipt of ASX and shareholder approvals, is expected to close on March 31st, 2021.