BHP Ready to Drill Tallaganda-1 Well

Tap Oil Limited on Monday announced that the WA-351-P joint venture has approved the budget to drill the Tallaganda-1 well in WA-351-P. Furthermore, the Operator, BHP Billiton Petroleum Pty Ltd (BHP Billiton), has now secured the Atwood Eagle semi-submersible drilling rig to drill the well and expects to commence well operations at Tallaganda-1 in the first quarter of 2012.

The Tallaganda-1 prospect straddles both the WA-351-P and WA-335-P permits and will test the gas potential of sandstones in the prolific Triassic age, Mungaroo Formation, in a well defined horst block as imaged by high quality modern 3D seismic data. This is the primary play type of the gas prolific North West Shelf. Tap estimates the Tallaganda structure has a prospective resource range of 0.8-2 Tcf (P90 to P10 estimates) with more than 50% of these volumes in WA-351-P (mean prospective resource estimate of 0.8 Tcf in WA-351-P).

Tallaganda-1 is assessed as having a greater than 60% chance of success. This high chance of success for an exploration well is due to the strong seismic amplitudes within closure and good AVO support which are indicative of reservoir and gas. The well will be drilled as a vertical well in a water depth of 1,141 m and is expected to take 37 days (trouble free) to drill.

Following Tap’s farmout of 25% of its participating interest in the permit to BHP Billiton Petroleum (North West Shelf) Pty Ltd earlier this year, Tap’s cost for the well will be carried up to a cap of $10 million (net to Tap).

Tap’s Managing Director/CEO, Mr Troy Hayden, said: “By securing a rig working locally for drilling the Tallaganda-1 well it allows a clear timeframe to drill this highly anticipated gas well. Success at Tallaganda-1 will also give greater certainty to the rest of the 2 - 3 Tcf of Triassic potential identified on the permit.”

 

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