Cyrano-2 Well Offshore Australia to Spud Later than Expected

The Cyrano 2 appraisal well will be drilled a little later than originally expected. The Ensco 56 is presently on Bambra 6 and is contracted to drill four wells ahead of Cyrano 2. Tap Oil now estimates the well will not commence drilling until December 2004.

Cyrano 2 will be drilled as a follow up to the Cyrano 1 discovery. The Cyrano 1 well intersected a 10 meter oil column underlying a 19 meter gas cap within lower Cretaceous sandstones.

Primary objectives in the well are the Mardie Greensand and Airlie Sandstone which are hydrocarbon bearing in Cyrano 1. The Cyrano 2 well will also intersect a large prospect at Lower Jurassic and Upper Triassic levels.

Cyrano 2 is situated in the productive Carnarvon Basin of Western Australia. This Basin is presently Australia's largest hydrocarbon producing area.

The Cyrano 1 discovery confirmed the viability of a trap and seal. The Cyrano 2 location will test a separate structural bump from the seismic mapping and is positioned in a down-dip position to test for the presence of a base seal and oil reservoir in the Mardie Greensand.

Cyrano 2 is expected to take 10 days to drill to a predicted total depth of about 1,590m in 13 meters water depth.

Tap Oil is the operator with an 85% stake and Black Rock holds the remaining15% in this project.