Tap Oil Says Boojum-1 to be Plugged and Abandoned

Tap Oil reports that the Boojum-1 exploration well reached a measured total depth of 2,577 meters on December 23, 2004.

The well is located in TP-18, 16 kilometers northwest of Airlie Island offshore Australia.

After reaching the total depth of 2,577 meters the well has been logged and currently fluid samples are being collected for further analysis in Perth.

The Boojum-1 well targeted an interpreted fault block structure comprised of Lower Barrow sandstones.

Preliminary log analysis indicates a small non-commercial gas accumulation in good quality Lower Barrow Sandstones. Log and pressure test information indicates that the well has discovered a 17 meter gross gas column over a water layer.

Additional information will be collected for future interpretation of the area before the well is plugged and abandoned as planned.

TP-18 Joint Venture Participants are Tap Oil as Operator with 50% and Strike Oil holds the remaining 50%.