Tap Oil Spins Bit at Tallaganda Well Offshore AU

Tap Oil Limited (Tap) advised that at 0900 hours (AWST) Friday the Atwood Eagle (mid-water semisub) commenced drilling the Tallaganda-1 exploration well in the WA-351-P permit.

The Tallaganda-1 prospect straddles both the WA-351-P and WA-335-P permits in the Carnarvon Basin, offshore Western Australia. The well will target 0.8 to 1.3 Tcf (mean to P10) of gas within WA-351-P (Tap estimate).

The prospect 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 North West Shelf.

The well will be drilled as a vertical well in a water depth of 3,743 feet (1,141 meters) and is expected to take 37 days (trouble free) to drill with a projected total depth of 13,944 feet (4,250 meters). Weekly updates will be provided on Wednesdays during drilling operations.

Tap's cost for the well will be carried up to a cap of $10 million following Tap's farmout of 25% of its participating interest in the permit to BHP Billiton Petroleum (North West Shelf) Pty Ltd in 2011.

Tap's Managing Director/CEO, Mr. Troy Hayden, said, "We are pleased to have commenced the Tallaganda-1 well which has the potential to deliver a resource multiple times larger than Tap's current 2P reserves.

"Success at Tallaganda-1 will also give greater certainty as to the prospectivity of the Triassic potential on the permit."


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