Tap Acquires Stake in New Permits Around Woollybutt Area

Tap Oil has reached and agreement with OMV Australia Pty Ltd for Tap to farmin to three exploration permits which surround Tap's production license over the Woollybutt Oil Field. Tap will acquire the percentage interests in the permits specified below:

WA-290-P 25%
WA-320-P 25%
WA-345-P 25%

The WA-290-P permit is covered by 3D seismic data. Two wells are planned for drilling in early 2005 at Lauda-1 and Maier-1, located 21 kms and 14 kms to the northwest of Woollybutt. These prospects occur in a similar geological environment to the Woollybutt Oil Field.