Tap Oil Provides Contingent Resource Assessment for Permit WA-49-R off WA
Tap Oil Limited provided Wednesday the following update of contingent resources in the WA-49-R retention lease in the offshore Carnarvon Basin in Australia, including the Zola, Antiope and Bianchi-1 discoveries. This follows the successful Bianchi-1 discovery in July 2013 with analysis now confirming the Contingent Resources. Tap estimates gross 2C contingent resources of 638 petajoules (PJ) within the retention lease and a net resource to Tap of 64 PJ.
Tap will book an additional 16 PJ of net 2C contingent resource in the WA-49-R retention lease for the Bianchi-1 discovery. Tap has booked 48 PJ of net 2C contingent resource for the Zola and Antiope discoveries in WA-49-R (46 PJ as per the 2012 Tap annual report with an upwards revision of 2 PJ in 2013).
The Bianchi discovery in July 2013 is approximately 3.97 miles (6.4 kilometers) north-northeast of the Zola-1/ST1 gas discovery and 12.92 miles (20.8 kilometers) south southwest of the Gorgon gas discovery well.
Bianchi-1 was drilled to a total depth of 17,811 feet, or 5,429 meters measured depth rotary table (MDRT). The well encountered 367 feet (112 meters) of net gas pay in multiple reservoir zones from 15,682 feet (4,780 meters) MDRT to total depth in the Mungaroo formation.
Tap estimates the following Contingent Resources for the Bianchi-1 discovery as follows:
- Contingent Resource Estimate – PJ (100 percent)
- 1C: 135
- 2C: 160
- 3C: 188
- Contingent Resource Estimate – PJ TAP 10 percent equity interest
- 1C: 13.5
- 2C: 16
- 3C: 18.8
The basis for confirming the existence of moveable hydrocarbons at Bianchi-1 are wireline samples recovered from four gas bearing reservoirs.
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