Tap Oil Says Production is Re-established at Woollybutt Fld

Following disconnection during cyclone Monty and Evan, the FPSO "Four Vanguard" was reconnected to production on March 12, 2004. The time required to reconnect was extended due to another cyclone (Evan) following behind cyclone Monty. The Woollybutt field is located offshore Australia in permit WA-25-L.

Production has been re-established at previous rates of approximately 34,000 bopd.

The FPSO will be disconnected from production on March 17, 2004 and will sail to Singapore for installation of the new swivel assembly. It is anticipated that the installation and sailing time to and from Singapore will take approximately 30 days to complete with production planned to recommence on April 16h.

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%.