Aug 20 (Reuters) - Tap Oil Ltd TAP.AX :
* Tap commences arbitration against Northern Gulf
* Currently, US$6.69 million of the carry repay is due and payable
* Says notice of arbitration has been issued to NGP to recover all funds owed under the US$10 million carry repay arrangement
* Has made repeated attempts to resolve the payment dispute with NGP and will now vigorously pursue this arbitration against NGP in Singapore
* Says arbitration process is expected to take approximately 12-18 months
* Tap Energy (Thailand) pty ltd, a subsidiary of Tap Oil Limited filed on 19 August 2015, a notice of arbitration in Singapore
* Says arbitration in regards to payments due under the sale and purchase agreement
* Source text for Eikon ID:nASX8QLspW