Tap Oil Takes Interest in Totem Prospect

Tap Oil has entered into an agreement with Nippon Oil Exploration (Dampier) Pty Ltd to acquire a further interest in exploration permit WA-191-P in the Carnarvon Basin.

Pursuant to the agreement with Nippon, in the event of a commercial discovery at Totem, Tap will earn a 15% interest in the graticular block containing the Totem prospect in WA-191-P.

WA-191-P is located in the proven Carnarvon Basin between Tapís WA-8-L (which contains the recent Amulet discovery) and the Exeter-Mutineer oil development. The Totem prospect is located 4 kilometres North East of the Amulet field and has been approved for drilling by the joint venture.

As announced to ASX on 27 March 2007, Tap acquired an 8.2% interest in WA-191-P through an agreement with Woodside Energy Limited. This further acquisition, from Nippon, will take Tapís total interest in the Totem-1 well to 23.2%.

The Totem-1 well is anticipated to be drilled in the second quarter of 2007.

Totem-1 Well Participants are Tap with 23.2%; Santos as operator with 33.4%; Nippon* with 25% and Kufpec with 33.4%.

*Note : 15% interest pursuant to the agreement with Nippon is contingent upon a successful discovery at Totem.

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