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Tap Oil Updates on Operations at its Upstream Assets in Thailand, Australia

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Australia's oil and gas exploration and production firm Tap Oil Limited provided an update Thursday on its operations in Thailand and Australia for the quarter ending Sept. 30.

On the Manora Oil Development in Block G1/48 in the Gulf of Thailand, Clough Thailand Limited progressed platform construction work in their Sattahip construction site with all decks now under construction. Tap Oil and field operator Mubadala Petroleum are working with Clough to maintain the project budget and schedule. The owner of the floating storage offloading (FSO) vessel, Omni Offshore Terminals Pte. Ltd (formerly Tanker Pacific Offshore Terminals Pte. Ltd), continued with the FSO conversion during the September quarter. The drilling contract was awarded to Atwood Offshore Worldwide Limited in January 2013 and Atwood will drill 15 development wells from July to August 2014. The Atwood Orca (400' ILC) jackup, which is under contract with Mubadala Petroleum, is currently drilling at the Jasmine field off Thailand. First production from the Manora oil field is now expected around July to August 2014.

On exploration, Tap Oil noted that the G1/48 concession was renewed for a third 3-year exploration term with an obligation to drill one well prior to December 2013 and another prior to December 2014. The G3/46 concession was also renewed for a third 3 year exploration term and will require one well to be drilled prior to January 2015.

In G1/48, multiple prospects have been identified based on interpretation of the 3D Kinnaree and North Kra seismic surveys. These prospects are predominantly located along the western flank of the northern Kra Basin, in similar structural settings to the Manora oil discovery. During the quarter, the Operator undertook a technical review to finalize a drilling prospect in late 2013. The review has identified Malida-1 as the well to spud in North Kra in November 2013.

Tap Oil also signed an agreement with WHL Energy for an option to acquire an initial 10 percent stake in exploration permit Vic/P67 in the offshore Otway Basin, Australia. The permit contains the undeveloped La Bella gas discovery and multiple near-field exploration targets, with 3D seismic survey to commence in mid November.

The company intends to "focus on progressing the Manora oil development, drilling the Malida-1 well in G1/48 in the Gulf of Thailand and the acquisition of 3D seismic in Vic/P67," Tap Oil said in a press release.



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