Gibson-2H Development Well Successful

The Gibson-2H well was drilled to address the increased water cut from the Gibson-1 production well, interpreted as being a bottom hole cement bond failure. The well is located in TL/6 offshore Australia.

The well has been sidetracked from Gibson-1 and has intersected a horizontal section of approximately 49 meters of Flag Sandstone reservoir. The well is currently being completed as an oil producer.

It is anticipated the Gibson-2H well will be put onto production early next week. Tap Oil interprets this to be a good result and expects that Gibson-2H will significantly increase oil production from the Gibson Oil Field.

Harriet Joint Venture Participants are: Apache as operator with 68.%; Kufpec with 19.27715; Tap Oil with 12.2229%.

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