Tap Oil Ltd. (TAP.AU) said Thursday that BHP Billiton Ltd. (BHP) will exercise its right to buy an extra 25% stake in a natural-gas block offshore Western Australia state, scotching an agreed deal with a Japanese rival.

The deal will lift BHP's interest in the WA-351-P permit area in the Carnarvon Basin to 80%, with Perth-based Tap retaining a non-operated 20% stake.

Tap agreed last month to sell the 25% stake to Japan Australia LNG Pty. Ltd., a joint venture between Mitsui & Co. Ltd. (8031.TO) and Mitsubishi Corp. (8058.TO), for around US$30 million in cash. In addition, the Japanese venture agreed to fund Tap's expenditure on a new exploration well up to US$10 million.

-By David Winning, Dow Jones Newswires; +61-2-82724688; david.winning@dowjones.com

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