Tap Oil benefits from high gas prices

Tap Oil Ltd has signed its third gas sales contract in the past two months, lifting its total revenue from the new agreements to $243 million over the coming decade.

The full text of a company announcement is pasted below

Tap Oil Limited ("Tap") advises that it has entered into a new gas sale agreement with a Western Australian customer. This agreement is expected to generate revenues of in excess of $96M over the period commencing late 2013 and ending early 2017.

These revenues are in addition to the forecast revenues from the gas sale agreements announced on 21 September and 8 October 2007, bringing the forecast total gas sales revenues from these three agreements to around $243 million over the period to 2017.

Subject to ongoing exploration and appraisal activities, Tap has no further gas to contract at this stage.