Quadrant to Drill Driftwood-1 Well in WA-320-P in Carnarvon Basin

Quadrant Energy, the operator of WA-320-P permit in the Barrow sub-basin of the Northern Carnarvon Basin offshore Western Australia, planned to drill the Driftwood-1 exploration well in place of Palmerston-1 as proposed earlier, partner Tap Oil Ltd. revealed Thursday.

Driftwood-1 will be drilled as a commitment well in year 3 of the work program, which is due by the fourth quarter 2016. The total well cost is estimated at $11.49 million (AUD 15.47 million), which is well below the estimated cost for Palmerston-1 of $72.92 (AUD 98.2 million).

Tap Oil, which holds a 9.778 percent participating interest in the block, has a 5 percent carry on for the commitment well in WA-320-P of up to $3.5 million (up to a total well cost of $70 million) from JX Nippon Oil and Gas Exploration (Australia) Pty Ltd.

The jackup Noble Tom Prosser (400' ILC) is scheduled to commence drilling the Driftwood-1 commitment well Aug. 1, with the objective of testing the Early Cretaceous sandstones of the Mardie Greensand Member, Birdrong Member and Zeepaard Formation in a low-relief, northeast-southwest trending four-way dip closure.

Separately, Tap Oil has appointed Chris Bath to replace as D.J. Rich and Michelle Ryan as chief financial officer and company secretary, respectively.

Bath has extensive experience in the energy and resource sectors in Australia and Asia, as both a CFO and company secretary, having previously worked in this joint role at ASX listed companies including Oilex Ltd. and Buru Energy Ltd.

He has significant experience in debt and equity markets, joint venture management and project and transaction structuring to achieve optimal financial, tax and accounting outcomes. Bath holds a Bachelor of Business from Edith Cowan University, Western Australia and is a Chartered Accountant.



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