Bambra-6 Well to be Abandoned

The Bambra-6 well, which is being drilled from the Harriet Bravo Platform offshore Australia and which was spudded on August 23rd, has failed to connect up with the Bambra-5H development well. The Bambra-6 well will now be plugged and abandoned. This will not affect the Bambra-5H well which was completed within the Bambra reservoir and which will be used in the forward development of the field.

The drilling of a long reach development well path from the Harriet Platform by combining two shorter reach wells was an innovative attempt to develop the Bambra Field quickly and at a potentially lower cost. While the end result is disappointing, this innovative method of development was conducted as research and development and the economic impact will be minimized by concessional tax treatment. Production rate expectations remain unchanged with first production from the field now estimated to occur in the middle of 2005.

The Joint Venture is now considering several options for completing the development of the field, including a sub sea completion of the Bambra-5H well with sub sea pipelines to the Harriet Bravo Platform.

Harriet Joint Venture Participants are Apache as operator with 68.5%; Tap Oil with 12.2229% and Kufpec Australia with 19.2771%.