Tap & JV Partners Await News of Marley-2 Gas Shows

TL-5 Barrow Sub Basin, Australia
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Tap Oil announced that, along with its JV partners Apache Northwest and Kufpect Australia, it has successfully spudded its Marley-2 well in Australia's Barrow sub-basin. It is unknown yet if the well will yield commercial results.

The Marley-2 exploration well is located in permit TL/5, part of the Harriet Joint Venture within the Barrow sub-basin. It is approximately 3.5 kilometers west-southwest of the existing Campbell Platform and 143 meters north of Marley-1. Water depth is 43 meters. The TL/5 Joint Venture participants are Tap (Harriet) with 12.2229%, Apache Northwest with 68.5% and Kufpect Australia with 19.2771%.
Marley-2 was spudded on Tuesday April 22. Drilling has progressed to a depth of 4,024 mMD and an intermediate logging run has been conducted at this depth. Preliminary interpretation of this data suggests Marley-2 has penetrated the main objective, with indications of gas and reservoir sands observed throughout. However the data available does not yet confirm whether the reservoir is permeable and effective or tight and non-productive.
The Ensco 106 has recommenced drilling and it is anticipated that reaching the programmed total depth of 4,100 mTVD will take approximately 2 days after which a comprehensive logging program will be undertaken.
The intermediate results of Marley-2 offer some encouragement but remain ambiguous. A critical risk for the Marley prospect was the possibility that at this burial depth the reservoir would be tight and non-productive. The full logging suite to be acquired at TD will give a better understanding of both the reservoir quality and gas saturation.
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