Bianchi-1 Drilling Indicates Gas Potential

Tap Oil Limited gave the following update of the Bianchi-1 gas appraisal well in Retention Lease WA-49-R. The well target was 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-1 well 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.

Progress

During the period from 0600 hours (AWST) June 25 to 0600 hours (AWST) June 28 the 8.5 inch hole was drilled to a final total depth of 17,651 feet and wire line logging operations commenced. From 15,673 feet to total depth, the data acquired to date (LWD logs) indicates several sandstone intervals with elevated resistivity interpreted by Tap to be potential gas pay. Tap interpretation of this preliminary data indicates some 420 feet of potential net gas pay in the well.

A comprehensive wire line logging program to evaluate the well is in progress to confirm the preliminary interpretation of the LWD data.

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