Australian-based oil company, Tap Oil Limited (Tap) has increased its stake in the Offshore Accra Contract Area from 40% to 45%.
Tap purchased the additional 5% from Challenger Minerals Incorporated, a partner in the contract, for $1.5 million.
Tap Oil announced the execution of an agreement to purchase the additional 5% participating interest in the Offshore Accra Contract Area, Ghana from Challenger Minerals Inc. August 10, 2011 on its website.
It however indicated that the transaction is subject to the prior written approval of the Ghana National Petroleum Corporation (GNPC) and of the Minister for Energy of the Republic of Ghana.
“Subject to such approvals, the effective date of the transaction will be April 1, 2011,” it added.
On January 9, 2011, Tap announced that it has commenced operations on Ghana’s offshore Accra project in order to find oil.
Tap Oil (Ghana) Ltd, the operator, AFEX Oil (Ghana) Limited, Challenger Minerals (Ghana) Limited and Ghana National Petroleum Company (GNPC) are the partners with participating interest of 45%, 35% and 20% respectively.
The GNPC has carried interests in the parties in proportion to its Participating Interest.