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Bianchi-1 Well Drilling Continues in WA-49-R

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Tap Oil Limited provided the following update of the Bianchi-1 gas appraisal well in Retention Lease WA-49-R. The well will target sandstones in a Triassic age Mungaroo Formation within a separate fault block down dip of the Zola-1/ST1 gas discovery.

Location and Proposed Depth

The Bianchi prospect is located in the WA-49-R retention lease in the offshore Carnarvon Basin, approximately 4 miles north-northeast of the Zola-1/ST1 gas discovery and 12.9 miles south-southwest of the Gorgon-1 gas discovery well.

The Bianchi fault block is one of a series of adjacent structures that form the greater Zola area. The prospect was matured following interpretation of the Cambozola 3D seismic survey in 2012.

The well will be drilled as a vertical well in a water depth 787 feet and is expected to take 80 days (trouble free) to drill to a projected total depth of 17,060 feet. Tap’s cost for the well is expected to be approximately $7.6 million (AUD 8 million).

Progress

During the period from 0600 hours (AWST) June 18 to 0600 hours (AWST) June 25, drilling operations for the 8.5 inch section continued. The well was drilled to a depth of 17,395 feet. The Joint Venture has agreed to deepen the well and drill to a new total of at least 17,460 feet.

Forward Plan

The forward plan is to continue drilling the 8.5 inch hole to the final total depth, and then commence a comprehensive wire line logging program to evaluate the well.

WHAT DO YOU THINK?

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