Mubadala Progresses Drilling at Thailand's Manora Oil Project

Tap Oil Limited provided Friday the following update on the Manora Oil Development in the Northern Gulf of Thailand (TAP 30 percent interest).

Mubadala Petroleum, Operator of the Manora Oil Development joint venture, has advised that the jackup Atwood Orca (400' ILC) has spud the fourth and fifth of 15 planned development wells, MNA-04 and MNA-05. They have also advised that MNA-03 has been drilled to the final target depth.

The MNA-04 and MNA-05 wells will be drilled to final target depths of 11,253 feet (3,430 meters) and 6,345 feet (1,934 meters) measured depth respectively and MNA-05 will be completed with electric submersible pumps (ESPs) ahead of handover to Production. MNA-04 is the first of the five planned water injector wells.

The Manora A platform is located within the Gulf of Thailand in 150 feet (46 meters) of water. The development drilling program calls for drilling and completion of 15 wells (10 producers and 5 injectors), with the program expected to take until the end of 1Q 2015. Production at Manora is now expected to commence in the second half of October, rather than at the end of the third quarter 2014.

Tap has 2P reserves of 6.1 million barrels (20.2 million barrels gross) and 2C contingent resources of 3.2 million barrels (10.9 million barrels gross) booked for Manora (ASX release Oct. 27, 2011). Tap will review these reserves and contingent resources following development drilling and production performance.

Tap will make scheduled announcements upon commencement of drilling and completion of each well or each batch.

Manora Oil Development Summary

  • Concession Parties
    • MP G1 (Thailand) Limited - 60 percent
    • Northern Gulf Petroleum Pte Ltd - 10 percent
    • Tap Energy (Thailand) Pty Ltd - 30 percent
  • Expected Production Rate
    • Ramp up to a peak rate of 15,000 bopd
    • 4,500 bopd Tap share
    • 11 year field life
  • Key Facilities
    • Single well head platform – four-leg platform jacket substructure with the topside containing production process and well head equipment
    • Pipeline and risers to the Floating Storage Offloading (FSO) Unit
    • FSO Unit – moored, site specific crude oil FSO linked to the platform that will also serve as an accommodation hub
    • Drilling of 15 development wells (10 producers, 5 water injectors)
  • Reserves / Resources (Tap share)
    • Tap has 2P reserves of 6.1 million barrels (20.2 million barrels gross) and 2C contingent resources of 3.2 million barrels (10.9 million barrels gross) booked for Manora (ASX release Oct. 27, 2011)
    • Tap will review these reserves and contingent resources following development drilling and production performance

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