Tap Takes Stake in WA-191-P Offshore Australia

Tap Oil has entered into an agreement with Woodside Energy Ltd to acquire its 8.2% interest in exploration permit WA-191-P in the Carnarvon Basin.

WA-191-P is located in the proven Carnarvon Basin between Tap's WA-8-L (which contains the recent Amulet discovery) and the Exeter-Mutineer oil development. WA-191-P contains numerous prospects and leads with the most important for Tap being the Totem prospect, which is located 4 kilometers North East of the Amulet field and has been approved for drilling by the joint venture.

The successful acquisition of this interest in WA-191-P enhances the potential for the commercialization of the Amulet discovery. A discovery at Totem could be developed in combination with the Amulet field. The Totem-1 well is anticipated to be drilled in the second quarter of 2007. In addition, a second promising exploration well, Fletcher-1, is anticipated around the middle of 2007.

WA-191-P Joint Venture participants are Tap (Shelfal) Pty Ltd. with 8.2%; Santos as operator with 33.4%; Nippon Oil with 25% and Kufpec with 33.4%.

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