Taunton-4 Appraisal Well Logs Pay

Tap Oil says the Taunton-4 well located offshore Australia in TP/7 (part 3) has been drilled to a total depth of 1,410 meters measured depth and log data, indicating a hydrocarbon column in the Taunton sandstone reservoir, was consistent with the pre-drill prognosis. No oil/water contact was intersected in the Taunton sandstone interval. A further hydrocarbon column of 8 meters was intersected within the underlying Barrow Group sandstone reservoir.

The nature of these hydrocarbons will be reported following the running of formation pressure testing and fluid analyses. These data should be available soon.

Tap says that the well result is consistent with pre-drill prognosis. The discovery of hydrocarbons within the Taunton sandstones in this step out well has demonstrated an extension of the Taunton Field to the south into the TP/7 permit. Taunton-4 has intersected the Taunton reservoir higher than the previous four wells. Taunton-4 did not encounter an oil/water contact within the Taunton sandstone reservoir which provides encouragement for further down-dip potential.

Following the completion of logging of this well, the rig will move 3 kilometers to the east to drill Blackthorn-1. This is an additional step out well designed to evaluate a southeasterly extension of the Taunton Oil Field.

TP/7 (Part 3) Joint Venture Participants are Santos as operator with 43.7115; apache with 39.658%; Tap Oil with 12.474% and Pan Pacific with 4.157%.