Tap Acquires New Acreage in Carnarvon Basin

Tap Oil has acquired a 10% interest in the permit WA-261-P. The Company has also acquired an attached option to farmin for up to 20% to the TP/17 permit to drill the Altostratus-1 well in the first quarter of 2003.

The WA-261-P and TP/17 permits are contiguous with and are located immediately to the southwest of the Stag Oil Field.

Tap has finalized an agreement with Strike Oil for Tap to acquire: A 10% interest in WA-261-P. Tap will meet 10% of the cost of the imminent Ceres-1 exploration well. On completion of this well Tap will have an option to earn a minimum of 10% and a maximum of 20% interest in the adjacent TP/17 permit by contributing towards the cost of drilling the Altostratus-1 well.

In return Strike will acquire from Tap: A 5% interest in EP-341 including the upcoming Crackling South-1 well and a 10% interest in EP-403. This will reduce Tap's interest in these permits to 50% in EP 341 and 90% in EP 403 (following the withdrawal of Apache from this permit). In addition Strike has been granted an option by Tap to earn an additional minimum of 5% and a maximum of 15% interest in EP 341 by contributing to the cost of drilling the Crackling South-1 well, subject to Tap exercising its option to farmin to TP/17.

Two prospects in the newly acquired acreage are scheduled for drilling in the near term. The Ceres-1 well in WA-261-P is anticipated to spud in the next 24 hours and is planned to reach its target within 5 days. The Altostratus-1 well is anticipated to spud in March 2003 following the drilling of Crackling South-1.

Both the Ceres and Altostratus prospects have similar seismic attributes to the Stag Oil Field. Like Stag, the target horizon is the M Australis Sandstone which is anticipated to lie at depths of approximately 800 meters.

Resultant Joint Venture Participants(not including the farmin options):

Petroleum Exploration Permit WA-261-P participants are: Tap Oil Limited with 10%; Strike Oil N.L. with 16.22%; Sun Resources N.L. with6.15%; Apache Northwest Pty Ltd as Operator with 45.12%; Arrow Energy N.L. with 10% and Victoria Petroleum N.L. with 12.5%.

Petroleum Exploration Permit TP/17 participants are: Strike Oil N.L. as operator with 90% and West Oil N.L. with 10%.

Petroleum Exploration Permit EP 341 participants are: Tap Oil Limited as operator with 50%; Strike Oil N.L. with 5%; and Apache Northwest Pty Ltd with 45%.

Petroleum Exploration Permit EP 403 participants are: Tap Oil Limited as operator with 90%; Strike Oil N.L. with 10%.


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