Four Vanguard FPSO En-Route to Woollybutt Field

Tap Oil says the new swivel assembly and other maintenance has now been successfully completed in Singapore and the Four Vanguard FPSO is currently en-route back to the Woollybutt Oil Field located offshore Australia.

The FPSO is expected to take around 7 days to sail to the field and after re-connection work, it is anticipated that production from the Woollybutt Oil Field will recommence by the end of the month at rates of around 35,000 bopd.

The field has been disconnected from production since March 18, 2004 for these repairs.

The field has produced just over 10 mmbls of oil to date and the remainder of the reserves (as estimated by Tap, 15 mmbls proven and probable) are expected to be produced over the next two years.

Further, the Operator has procured a rig slot to drill a step out well, Scalybutt-1 in June or July this year. Scalybutt-1 is designed to investigate the possibility of an extension to the mapped closure of the field and/or a separate pool of oil.

Joint Venture Participants in WA-25L are Eni Australia Limited as operator with 65% and Tap Oil Limited with 15% and Mobil Australia Resources with the remaining 20%.
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