Scalybutt-1 Suspended for Future Operations

The Scalybutt-1 well, located offshore Australia, has completed a wireline logging program including formation pressures and samples, sidewall cores and velocity survey and is currently being plugged and suspended as planned.

These data have confirmed the presence of hydrocarbons in the western flank of the producing Woollybutt Oil Field.

Tap is encouraged by the results of the Scalybutt-1 well, but the impact on reserves in the Woollybutt Field will not be quantified until the detailed results of the core and logs are integrated into the field mapping and reservoir models. This work will be carried out over the next few weeks.

As previously stated Tap is also encouraged by the potential impact on the Woollybutt-3 oil discovery located 5.5 kilometers to the south of Scalybutt-1 and consideration will be given to drilling an additional well to appraise this southern lobe of the Woollybutt structure.

As an update on production, the Woollybutt Oil Field is currently producing at around 32,000 bopd.

The suspension of the Scalybutt-1 well will allow it to be re-used in the future, if required, to access oil reserves in the western part of the field.

WA-25-L Joint Venture participants are ENI Australia as operator with 65%; Tap Oil with 15% and Mobile Australia Resources with 20%.