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The Totem prospect is in a graticular block in the WA-191-P lease. The permit itself lies between the WA-8-L permit, which contains the recent Amulet discovery, and the Santos-operated Exeter-Mutineer oil development.
Totem is 4km northeast of Amulet field and has been approved for drilling by the joint venture.
Tap seems to be a believer in the area. It and Kufpec pushed ahead with the Amulet-1 wildcat after operator Santos decided not to proceed.
Totem-1 well participants are Santos (operator with a 33.4% stake), Kufpec Australia (33.4%), Nippon Oil Exploration (25%) and Tap (8.2%). In the event of a commercial discovery, Tap’s stake will rise to 23.2% and Nippon Oil’s will reduce to 10%.
WA-8-L partners (excluding Amulet-1) are permit operator Santos (37.37%), Kufpec Australia (42.63%) and Tap (20%).
Amulet-1 partners are Tap Oil and Kufpec Australia, which each hold a 50% interest.
