West Cycad-2 Spuds Offshore Australia

The West Cycad-2 well was spud on January 8th and is located in Production License TL/9 offshore Australia. The well is being drilled from the existing Victoria platform. The West Cycad oil discovery lies approximately 6 kilometers to the south of the platform at a depth of around 1,600 meters.

The West Cycad Oil Field was discovered by the West Cycad-1 exploration well in November 2006. The moderate reserves discovered at West Cycad will be economically recovered via the existing Victoria Oil Platform. The horizontal development well West Cycad-2 is planned to be completed in early February 2007 and is expected to add around 4,000 bopd to HJV production on start up.

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

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