Tap Oil Spuds Blackthorn-1 Well Offshore Australia

Tap Oil reports that the Blackthorn-1 well located in TP/7 (Part 3) offshore Australia was spudded on March 29, 2004. The well has a planned total depth of 1,432 meters. The well will evaluate an easterly extension of the Taunton oil field into TP/7.

Tap Oil also reports that formation pressure analysis on the Taunton 4 appraisal well has confirmed oil pay within the Taunton Sandstone, extending the Taunton Oil Field to the south into the TP/7 permit. An 8 meter gas column has also been confirmed within the Barrow Group Sandstone situated beneath the Taunton Sandstone.

The intersection of oil pay without an oil/water contact within the Taunton Sandstone in the Taunton-4 well and gas pay in the underlying Barrow Group confirms that the two reservoirs are not pressure connected. This is encouraging for a downdip stratigraphic potential to the Taunton oil reservoir. The Blackthorn-1 well is designed to investigate a further extension of the Taunton Oil Field to the east.

TP/7 (Part 3) Joint Venture Participants are Santos as operator with 43.711%; Tap Oil with 12.474%; Apache with 39.658%; and Pan Pacific with 4.157%.

Participants in the Blackthorn-1 well are Tap Oil with 22.933%; Apache Oil with 72.910% and Pan Pacific with 4.157%.