Harriet JV Finds Oil at West Cycad-1

Tap Oil says the West Cycad-1, located in Production License TL/9, has drilled ahead to a total depth of 2,178 meters measured depth. Wire line logging, pressure testing and fluid sampling have been completed. Testing and sampling has confirmed the presence of a 9 meter oil column at the Flag Sandstone objective. Two other thin zones of oil and gas respectively were intersected in the well.

The well will now be plugged and abandoned as planned.

The West Cycad-1 oil discovery is an encouraging result. Further work will be required to determine if the hydrocarbon pool can be commercially developed, as it is not within the reach of the existing platform in the area. More significantly it is the southern most oil field discovered in the Flag Sandstone fairway to date and hence bodes well for further oil exploration in that part of the Harriet Joint Venture acreage.

After completing operations on this West Cycad-1 well, the Ensco 67 will move to the South Gibson Production Platform to drill the Gobi-1 exploration well.

Harriet Joint Venture participants are Apache Northwest as operator with 68.5%; Tap (Harriet) Pty with 12.2229%; and Kufpec Australia with 19.2771%.

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