Harriet JV Finds Oil with Monet-1 Well

Tap Oil says the Monet-1 exploration well, which spudded April 13, 2004 has encountered oil. The well is located in TL/1, 5 kilometers south of the Harriet Alpha Platform offshore Australia.

Electric logs indicate the well has intersected a 20-meter gross oil column.

The Monet-1 well has been plugged and abandoned as planned. The well will now be sidetracked to address another nearby prospect (Kadinsky) some 2 kilometers to the north of Monet.

The Ensco 56 has commenced sidetrack operations on the Kadinsky-1 well on April 18th. The well is expected to reach total depth by mid week.

Both Monet and Kadinsky are within 4 kilometers of the existing production facilities on Varanus Island. Once the results of Kadinsky are known, development options will be reviewed to ensure early oil production.

Harriet Joint Venture Participants are Apache as Operator with 68.5%; Kufpec with 19.2771% and Tap Oil with 12.2229%.