Aug 27 (Reuters) - Tap Oil Ltd TAP.AX :
* Says court determined that there was a genuine dispute in regards to the amount demanded by ngph
* Update on outcome of the application to set aside the statutory demand filed by northern gulf petroleum holdings (ngph)
* Says court set aside the statutory demand and ordered that ngph pay costs in regards to the matter
* asserts that as at 26 August, net amount owing to it by northern gulf companies under sale and purchase agreement is approximately US$5.1 million
* Says arbitration process is expected to date approximately 12-18 months to complete
* Source text for Eikon ID:nASX666KNl
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