Tap Oil Spuds Bambra Development Well

Tap Oil reports that the Bambra-5H production well spudded last week. The well is located in TL/1, 1.8 kilometers northwest of the Harriet Bravo Platform offshore Australia. The well is expected to take 20 days to drill.

The Bambra-5H well is the first well in the development of the Bambra Oil and Gas Field. The initial Bambra Field development will involve an innovative program based on the interception of two deviated wells (Bambra-5H and 6), the result of which will be one long reach production well connecting the Bambra Flag Sandstone reserves to the Harriet Bravo Platform.

The recoverable reserves from the Bambra Field are estimated to be 7.5 million barrels of oil and 19.6 PJ of sales gas. While initial production from the field will be gas, associated oil production is forecast to plateau at a rate of around 3,000 barrels of oil per day in mid 2005. Another well will be required in the future for the full development of the Bambra Field. The timing of this well will be determined by the results of the Bambra-5H/6 well.

Harriet Joint Venture participants are Apache as operator with 68.55; Tap Oil with 12.2229% and Kufpec with 17.2771%.