Harriet JV Finds Small Amounts of Oil with Gobi-1

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Tap Oil says the Gobi-1 exploration well, located in production license TL/1 in the Carnarvon Basin offshore Western Australia, has reached its planned total depth. Wireline logging indicates the presence of a 5 meter oil column at the Flag Sandstone objective. Gobi-1 was drilled as a deviated well to a target depth of approximately 3800 meters measured depth, approximately 2.5 kilometers southeast of the Gibson/South Plato platform.

The well will now be plugged and abandoned.

The Gobi-1 well confirmed the migration of oil to the east of the Gibson/South Plato fields. However, the volume associated with a 5 meter oil column is too small to warrant commercial development at this time. The rig will now sidetrack from the Gobi-1 wellbore to drill South Gibson-1 exploration well.

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

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