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Tap Oil Updates Taunton-5/5H Well Drilling

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Tap Oil Limited provided the following update of the Taunton-5/5H well to appraise the Taunton oil field, located in the TL/2 production license and TP/7 exploration permit.

Location/Proposed Depth

The Taunton oil field was discovered in 1991 by the Taunton-1 well. The field is located in the TL/2 production license and extends to the south into the TP/7 exploration permit in the offshore Carnarvon Basin, approximately 24.9 miles north-northeast of Onslow.

Taunton-5/5H will be drilled in shallow water as a deviated well in TL/2 to obtain core data through the Early Cretaceous reservoir section. Subsequent to this, a horizontal well will be drilled into TP/7 to evaluate potential hydrocarbon saturation and reservoir deliverability.

Hydra will not participate in the well, taking Tap’s interest in the well to 13.015 percent.

Progress

During the period 0600 hours (AWST) June 14 to 0600 (AWST) June 21, operations continued to recover the 7-inch liner, which is stuck in the Taunton-5H wellbore. Fishing operations recovered a portion of liner but the length of liner remaining in the well has compromised the ability to undertake the planned production test of the well and the well test will not be conducted. Current operation is completing wire line logging operations.

Forward Plan

The well will be suspended for potential future re-entry and the well data will be incorporated by the Operator into the field geological model to update the oil in place estimates for the Taunton Field.

The Operator will update the contingent resource estimates for the field and ascertain if a commercial project can be achieved.

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