Mubadala Completes Drilling 2 Development Wells in Thailand's Manora Field

Tap Oil Limited provided Wednesday 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 drilling of the MNA-15 and MNA-16 development wells has now been completed.

The MNA-15 and MNA-16 wells have been drilled to final total depths of 8,419 feet (2,566 meters) and 9,836 feet (2,998 meters) (measured depth) respectively and completed with electric submersible pumps (ESPs). Drilling and completion of the two wells was completed in 38 days.

Both development wells were targeted to the east fault block of the Manora oilfield. The MNA-15 well found 144 feet (44 meters) of oil pay in three separate reservoirs. It will be completed as a four zone selective completion produced by an ESP installed on a Y-block. The MNA-16 well found 121 feet (37 meters) oil pay in four separate reservoirs. It will be completed as a six zone selective completion produced by an ESP installed on a Y-block. MNA-15 is expected to commence production in the last week in April when the rig leaves the platform. MNA-16 is expected to commence production during the first week in May once it is connected to the production system.

Production from the two wells is expected to return Manora to its plateau rate of 15,000 barrels of oil per day (bopd) gross (4,500 bopd net to Tap).

The Atwood Orca (400' ILC) has now moved off location. The Atwood Orca is expected to commence drilling of the Sri Trang-1 exploration well in the Reservation Area of the G1/48 Concession in mid May.

Tap has 2P reserves of 4 million barrels (13.2 million barrels gross) as at Dec. 31, 2015 booked for Manora (see annual report ASX release April 22). Tap will review these reserves and contingent resources following development drilling and production performance.

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