Tap Signs Major Gas Contract

Tap Oil has entered into a Gas Sale Agreement with a Western Australian customer for gas sales over the period commencing July 1, 2008 and ending October 31, 2013.

Tap has approximately 33PJ of gas available to it under arrangements entered into in 2005 with the John Brookes Joint Venture; a substantial proportion of this gas has now been contracted.

The Agreement is expected to generate revenues of around $135M over the contract period and is in addition to the contract announced on 21 September 2007, which will contribute further revenues of around $12 million over the period to July 1, 2008.

Based on the recently announced contracts, Tapís forward gas sales revenues are expected to be in excess of $30 million per annum.

Tap continues to actively pursue gas exploration and appraisal opportunities. Specifically, in the Harriet Joint Venture, preparations are in process to drill the large Marley prospect located approximately 3.5km west-southwest of the Campbell Platform. The Marley prospect has the potential to contain around 1 TCF of gas (143 PJ net to Tap) and 20 MMbbls of recoverable condensate (2.53 MMbbls net to Tap).

Further, Tap is a participant in WA-33-R where flow-testing operations of the Maitland gas field are currently underway as reported to the ASX on 3 October 2007.


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