Woollybutt Sidetrack Reaches Total Depth

Tap Oil reports that the Woollybutt-4H development well, located offshore Australia, has successfully drilled to its total depth, including successfully drilling a horizontal section of over 400 meters through the reservoir objective. Good hydrocarbon shows were observed while drilling the reservoir section.

Woollybutt-4H has successfully intersected the target oil reservoir. Preparations are currently being made to complete Woollybutt-4H as a producer and conduct a cleanup flow, which is expected to take approximately one week. Following completion of the Woollybutt-4H well, the rig will move to the Woollybutt-6 appraisal well. Tie in of Woollybutt-4H and Woollybutt-6, if successful, is scheduled for early 2008 and will increase production of the field to approximately 14,000 bopd.

WA-25- L Joint Venture Participants areTap West Pty Ltd with 15%; Eni Australia Ltd (Operator) with 65%; and Mobil Australia Resource Co Pty Ltd with 20%.

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