Tap Oil to Drill 25 Wells Over the Next 12 Months

Tap is expecting to participate in around 25 wells in the next twelve months in New Zealand and Australia targeting well over 100 mmboe, net to Tap.

NEW ZEALAND

The following wells are scheduled commencing on 25 October 2004:

Galleon South-1 (Tap 50%, Operator)
Galleon South is a large structure updip of a previously drilled well Galleon-1 which flowed gas at 10 mmcf/day and 2,240 b/d of condensate (light oil). If successful, a condensate rich discovery would be developed by re- injecting the gas into the reservoir and stripping of the condensate. Galleon South has the potential to contain up to 100 mmbbls of recoverable condensate.

Hihi-1 (Tap 50%, Operator)
Hihi-1 is located in the onshore Taranaki Basin of New Zealand and is targeting oil. It will be drilled to around 1,500 meters using the OD&E #19 onshore drilling rig. The well has objectives in the Mt Messenger sands. If successful, it has the potential to contain up to 1 mmbbls of recoverable oil.

Miromiro-1 (Tap 50%, Operator)
Miromiro-1 is located in the onshore Taranaki Basin of New Zealand and is targeting oil. It will be drilled using the OD&E #19 onshore drilling rig. The well has objectives in the Mt Messenger and Moki sands. If successful, it has the potential to contain up to 3 mmbbls of recoverable oil.

Hursthouse-1 (Tap 25%)
Hursthouse-1 is located in the onshore Taranaki Basin of New Zealand and is targeting oil. It will be drilled using the OD&E #19 onshore drilling rig. The well has objectives in the Mt Messenger and Moki sands. If successful, it has the potential to contain around 1 mmbbl of oil.

Takahe-1 (Tap 50%, Operator)
Takahe-1 is located in the onshore Taranaki Basin of New Zealand and is targeting oil. It will be drilled using the OD&E #19 onshore drilling rig. The well has objectives in the Mt Messenger and Moki sands. If successful, it has the potential to contain up to 4 mmbbls of oil.

Kakariki-1 (Tap 50%, Operator)
Kakariki-1 is located in the onshore Taranaki Basin of New Zealand and is targeting oil. It will be drilled using the OD&E #19 onshore drilling rig. The well has objectives in the Mt Messenger sands. If successful, it has the potential to contain up to 3 mmbbls of recoverable oil.

AUSTRALIA
Boojum-1 (Tap 50%, Operator)
Boojum-1 is located in the Carnarvon Basin to the west of Tap's Airlie Island facilities. The well will be drilled with the Ensco-56 Jack-up rig to around 2,600 meters. Boojum-1 will evaluate a series of slumped structures within the lower Barrow Group. This is a new play for the basin which will have significance for several of Tap's surrounding permits. Boojum has the potential for up to 10 mmbbls of recoverable oil.

Cyrano-2 (Tap 85%, Operator)
Cyrano-1 is located in the Carnarvon Basin to the east of Tap's Airlie Island facilities. The well will be drilled with the Ensco-56 Jack- up rig to around 1,590 meters. Cyrano-1 has dual targets including appraisal of the southern extent of the oil pool discovered by Cyrano-1 in 2003 and to drill into the Triassic section to test a large deeper structure.

The Cyrano-1 well intersected a 10 meter oil column underlying a 19 meter gas cap within lower Cretaceous sandstones. If successful the Cyrano-2 well has the potential to confirm up to 8 mmbbls of recoverable oil.

The Cyrano-2 well will also intersect a large prospect at lower Jurassic and upper Triassic levels. This is considered to be a gas target of around 100+ PJ potential. The prospect is juxtaposed downdip against Jurassic oil source rocks and hence an oil outcome is also possible.

Woollybutt South-1 (Tap 15%)
This well is located in the Carnarvon Basin south of the existing Woollybutt Oil Field and is targeting oil. It will be drilled to around 2,300 meters using the Sedco 703 semi-submersible drilling rig. The well has multiple objectives in the Barrow Group sands updip from the Woolybutt-3 discovery well, in which a 10 meter oil column was intersected. If successful, it has the potential for up to 15 mmbbls of recoverable oil. A success would have considerable value due to the proximity of Tap's leased FPSO facility on the main Woollybutt Field.

Lauda-1 (Tap 25%)
Lauda-1 is located in the Carnarvon Basin west of the Woollybutt Field. The well will be drilled with a semi-submersible drilling rig to a depth of around 2,300 meters. Lauda-1 will explore a large structure, capable of containing up to 50 mmbbls of recoverable oil in Barrow group sands.

Maier-1 (Tap 25%)
Maier-1 is located in the Carnarvon Basin west of the Woollybutt Field. The well will be drilled with a semi-submersible drilling rig to a depth of around 3,020 meters. Lauda-1 will explore a large anticlinal structure, capable of containing up to 30 mmbbls of recoverable oil in Barrow Group sands.

Snoz-1 (Tap 10%)
Snoz-1 is located in the Carnarvon Basin to the west of the Stag Oil Field. The well will be drilled with a Jack-up rig. The Snoz prospect is a combined stratigraphic and structural trap at basal Cretaceous level, and has the potential to contain up to 100 mmbbls of recoverable oil if successful .

Jane-1 (Tap 12.2%)
Jane-1 is located to the south of Tap's Varanus Island in the Carnarvon Basin. The well will be drilled from the existing Agincourt production platform with a jack-up drilling rig. Jane has the potential to contain up to 5 mmbbls of recoverable oil.

Kultarr-1 (Tap 20%)
The Kultarr prospect lies 10 kms to the west of the Wonnich gas field on the same structural fault trend. The target reservoir comprises Flag sand stones similar to the Wonnich Field. Seismic amplitude studies suggest that oil is a more likely target than gas. Kultarr has the potential to contain up to 15 mmbbls of recoverable oil

Vesta-1 (Tap 10%)
Vesta is a stratigraphic play comprising a wedgeout of Jurassic sandstones beneath the basal Cretaceous unconformity. The prospect lies 17 kms from the Stag platform enabling a rapid tie- in, if successful. Vesta has the potential to contain up to 20 mmbbls of recoverable oil.

Gats-1 (Tap 10%)
The Gats prospect which is located in WA-261-P immediately south of the Stag Oil Field comprises a lower Cretaceous sandstone play similar to Stag. The prospect which lies a mere 12 kms from the Stag platform has the potential to contain up to 30 mmbbls of recoverable oil.

HJV (Tap 12%)
The HJV is currently finalizing details of further wells to be drilled in 2005. These will be submitted by the operator shortly for approval with the 2005 budget. A further ten wells at least will be programmed with several deeper Biggada oil and gas/condensate prospects. The joint venture is planning to contract a second jackup rig in the first quarter of 2005 to escalate drilling within the HJV.

Sheila (Tap 50%)
Due to financial constraints there is uncertainty whether the farminee will be able to complete the farmin terms to drill this well. Consequently, there will be delays in drilling this well and consequently it has been removed from the upcoming drill schedule pending efforts to find an alternative farminee.

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