Tap Oil to Participate in Jacala-1 Well

Location of WA-351-P
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Tap Oil has entered into a conditional farm-in agreement with BHP Billiton Petroleum to drill the Jacala-1 exploration well located in WA-351-P in the offshore Carnarvon Basin. This agreement is subject to finalization of formal documentation.

Under the agreement, the Company will participate in the drilling of the Jacala-1 exploration well and earn a 25% equity by contributing to the cost of the well inclusive of a farm-in promote amount.

The well is expected to be drilled in the 3rd quarter of 2005 with a drilling slot scheduled on the Atwood Eagle semisub.

Jacala-1 is located in around 400 meters of water and is targeting a very large structure interpreted on seismic in Barrow aged Sandstones at an approximate depth of 2,200 meters sub sea. If successful, the structure has the potential to contain a very large oil accumulation with the risks interpreted as being reservoir quality and oil charge. Seismic data does not indicate the presence of gas.

WA-351-P Joint Venture participants are Tap Oil Limited (earning) 25% and BHP Billiton Petroleum Limited (operator) 75%

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