Highgrove-1 Well Results Non-Commercial

The Highgrove-1 exploration well located in TP/8 offshore Australia has reached its total depth of 1,936 meters measured depth. Log and pressure data, and samples confirmed that the Highgrove-1 well intersected an approximately 60-meter gross gas column in relatively poor quality reservoir at the primary objective.

Initial interpretations indicate the volume of gas at Highgrove-1 is below commercial thresholds. However, the result is encouraging and follow-up potential will be investigated. The well is to be plugged and abandoned as planned.

TP/8 Joint Venture participants are Apache as operator with 68.5%; Tap Oil with 12.2229% and Kufpec with 19.2771%.

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