Mubadala Spuds Sri Trang-1 Prospect in Thailand's Offshore G1/48 Concession

Australia's Tap Oil Limited provided Wednesday the following update on the Sri Trang-1 exploration well in the Northern Gulf of Thailand (Tap 30 percent interest).

Location/Proposed Depth

The Sri Trang-1 exploration well is located in the Reservation Area of the G1/48 concession in the Gulf of Thailand approximately 11 miles (18 kilometers) north northeast of the Manora oil development.

The well is being drilled in 131 feet (40 meters) of water and will be drilled to approximately 8,497 feet (2,590 meters) measured depth. The well is expected to take 10 days on a trouble free dry hole basis.

The well objective is to evaluate the primary Middle Miocene lacustrine sands target with secondary targets of Late Miocene fluvial sands. The Middle Miocene lacustrine sands target is the main reservoir level at the Manora Oil Field. A valid test of the primary objective Middle Miocene sands is essential as it will validate the hydrocarbon prospectivity of the Northern Kra basin and de-risk dependent prospects immediately to the West of Sri Trang-1.

The outcome of the well will determine any likely development scenario, including a scenario where a production platform is tied back to the Manora Production facility.

Budget

The drilling cost of the Sri Trang-1 well will be offset against the G1/48 Reservation Area fee (~$3.8 million) paid to the Thai Department of Mineral Fuels by the Joint Venture of the Reservation Area in the G1/48 concession. Providing the well comes in on budget, Tap will not be required to contribute any further cash for the well. Tap’s share of the expected well cost is $1.02 million.

Progress

Mubadala Petroleum, Operator of the G1/48 Reservation Area concession has advised that at 17:30 hrs WST the jackup Atwood Orca (400' ILC) has spud the Sri Trang-1 exploration well. During the period from 17:30 hrs WST May 17 to 07:00 hrs WST May 18, the well was drilled to a depth of 1,428 feet (435.3 meters) measured depth.

Forward Plan

The forward plan for the Sri Trang-1 well is to set and cement the 9.625 inch casing prior to drilling ahead to the planned total depth of 8,497 feet (2,590 meters) measured depth.

Tap’s next expected announcement is upon completion of drilling.

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