Woollybutt Production Startup Delayed Until March 9

Tap Oil reports that oil production from the Woollybutt Oil Field was suspended on February 28, 2004 due to the proximity of cyclone Monty.

The FPSO was disconnected from the mooring system and sailed to safe waters while the cyclone passed. The FPSO is now anchored in the vicinity of the field in preparation for reconnection.

Tap has been advised that due to the effects of the cyclone in the port of Dampier, mobilization of some of the necessary equipment to recommence production may be delayed. As a consequence production may not be recommenced until March 9, 2004.

The cyclone and consequential delays on this occasion will likely result in production from the Woollybutt field to be off line for a total of around 9 days.

Joint Venture Participants in WA-25 -L are Eni Australia as operator with 65%; Mobil Australia Resources with 20%; and Tap Oil Limited with the remaining 15%.