Woolybutt-5 Appraisal Well Spudded

Tap Oil reports that the Woollybutt-5 appraisal well, located in permit WA-25-L in the Barrow Sub-basin offshore Australia was spud on November 26th. The well location is approximately 4 kilometers south of the Woollybutt-3A well.

Surface casing has been set and the well will drill ahead to a total depth of 2,875 meters RT.

The Woollybutt-5 well is designed to test the southern extent of the Woollybutt South Oil Field. The Woollybutt area comprises two fields, the Woollybutt Oil Field which is presently producing around 16,000 bopd via two wells, namely Woollybutt-1ST1 and 2AST3, with a third well, Scalybutt-1H due to commence production in early December 2005, and to the south the Woollybutt South Oil Field.

The results of the Woollybutt-5 well will be used in determining the development options for this southern field. The Woollybutt South Oil Field presently has two wells drilled in it, namely Woollybutt-3 and Woollybutt-4, both of which discovered oil.

The well is expected to take 25 days to drill.

WA-25-L joint venture participants are Eni Australia Ltd as operator with 65%; Tap West Pty Ltd with 15; and Mobil Australia Resource Co. Pty Ltd with the remaining 20%.

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