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Drilling Commences at Malida-1 Well in Block G1/48 off Thailand

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Tap Oil Limited provided the following update Monday on the Malida-1 exploration well in the Northern Gulf of Thailand. Malida-1 is a commitment well in G1/48.

Location/Proposed Depth

The Malida-1 exploration well is located in the G1/48 concession in the Gulf of Thailand approximately 3.1 miles (5 kilometers) northeast of the Manora oil development. Mubadala Petroleum is the operator of G1/48.

The well will test for the development of the main Miocene age interval of the Manora oil bearing sands in an independent fault dependent structure, east of the Manora field and further into the basin. Success at Malida-1 could open up a new oil fairway. Contingent well operations (including deepening Malida-1 to test the underlying Oligocene section and possible side-tracking) may be undertaken in the event of success at Malida-1.

The well is being drilled by jackup Atwood Orca (400' ILC) in shallow water and will be drilled to approximately 8,759 feet (2,670 meters) measured depth (8,661 feet or 2,640 meters true vertical depth). The well is expected to take 18 days on a trouble free dry hole basis. Weekly updates will be provided on Mondays during drilling operations.

Progress

Malida-1 was spud Nov. 15. During the period from 0928 hours WST Nov. 15 to 0600 hours WST Nov. 18, the well drilled to a depth of 5,095 feet (1,553 meters) measured depth.

Forward Plan

The forward plan is drill to the 12.25 inch casing point, prior to drilling ahead to the 9.625 inch casing point and then to final total depth.

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