Tap Oil Spuds Alkimos 2H Development Well

Tap Oil has spud the North Alkimos-2H development well which is located in the Harriet Joint Venture Permit, TL/6, and is being drilled from the Harriet Alpha production platform. The objective lies approximately 4.6 kilometers to the southeast of the platform.

The well is currently drilling ahead and will continue to drill to the planned deviated total depth of 6,303 meters.

The North Alkimos field was discovered in June 2000 when the North Alkimos-1 well intersected a 6 meter gas cap overlying a 6.5 meter oil column. High oil prices and the availability of a rig capable of drilling this deviated well has precipitated this development.

The North Alkimos-2H well is expected to take 18 days to reach its programmed total deviated depth of 6,303 meters measured depth.

It is estimated that the gas-cap will first be produced for a period of around 8 to 12 weeks. As the gas cap diminishes, the oil flow will gradually increase to a maximum rate of around 2,000 bopd. Tap estimates that approximately 1 mmbbls will be produced over a field life of around 7 years.

TL/6 Join Venture Participants are Apache Northwest as operator with 68.5%; Tap with 12.2229% and Kufpec Australia with 19.2771%.

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