Tap Oil Provides Production Update for Harriet Area

The present total production rates for the Harriet Joint Venture are presently approximately 13,000 bbls of oil per day. These rates are less than expected for this time due to the previously announced decline in one of the three wells producing from the Simpson oil field and some water influx issues with the Gibson/ South Plato development. Remedial work is presently underway which is anticipated to improve this rate in the next few weeks.

Production from the Simpson oil field is planned to be addressed on July 24, 2002 when the Simpson-4 well will be spudded. This well is planned to access the oil in the southern part of this field which is not being accessed by the current Simpson-3H well due to it being located too close to the water contact. Should Simpson-4 be successful, Tap's technical analysis is that combined production from this field should increase from the present rate of around 4,000 bopd to around 8,000 to 10,000 bopd from the three producing wells, namely, Simpson-1, Tanami-4 and Simpson-4 production wells. As previously announced, this temporary production problem is not expected to impact reserve estimates for the Simpson oil field.

The Gibson/South Plato development commenced production on June 14, 2002 and although initial production rates were significantly better than expected, oil production rates have since been at rates less than prognosed due to engineering issues in the well completion causing high water influx. Present rates are at around 3,700 bopd as opposed to predictions of around 8,000 bopd. A production logging survey has been undertaken and it is interpreted that the water influx is attributable to a failure of the primary cement job when the well was brought into production initially. No negative impact on reserves is anticipated. Well (wireline) operations are currently underway in order to rectify this situation, with a cement plug expected to be completed this weekend. It also remains an option to drill an additional horizontal well into the structure and this is predicted to substantially increase production from the field and marginally increase current reserve estimates.

The Harriet Joint Venture continues to produce from its remaining oil and gas fields which are all producing as anticipated. The upcoming drilling program commencing July 24, 2002 will be targeting a number of new prospects immediately adjacent the Simpson and Tananmi oil fields which, if successful, will be immediately tied into the existing production platform, Simpson Bravo.

Participants in the Harriet Joint Venture are Apache Energy as operator with 68.5%; Kufpec Australia with 19.2771% and Tap Oil wit the remaining 12.2229%.


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