Mubadala Drills MNA-07, MNA-08 Wells in Manora Field Offshore Thailand

Tap Oil Limited provided Tuesday the following update on the Manora Oil Development in the Northern Gulf of Thailand (TAP 30 percent interest).

Mubadala Petroleum, Operator of the Manora Oil Development joint venture, has advised that drilling of the MNA-07 and MNA-08 development wells has now commenced and the MNA-05 well has been completed.

Platform commissioning at Manora is well underway with hook up and commissioning nearing completion. Mubadala Petroleum has advised production is expected to commence by mid-November.

The Manora A platform is located within the Gulf of Thailand in 151 feet (46 meters) of water. The development drilling program calls for drilling and completion of 15 wells (10 producers and 5 injectors), with the program expected to take until the end of 1Q 2015.

Tap has 2P reserves of 6.1 million barrels (20.2 million barrels gross) and 2C contingent resources of 3.2 million barrels (10.9 million barrels gross) booked for Manora (ASX release Oct. 27,  2011). Tap will review these reserves and contingent resources following development drilling and production performance.

Tap will make scheduled announcements upon commencement of drilling and completion of each well or each batch.


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