Tap Oil Spuds Maier-1 Exploration Well

Tap Oil reports that the Maier-1 exploration well spudded on March 7, 2005. The well is located in WA-290-P, approximately 63 kilometers west of Barrow Island and 20 kilometers west northwest of the Woollybutt Oil Field. The well will be drilled to a total depth of 3,240 meters measured depth.

The Maier-1 exploration well is designed to test an interpreted four-way dip closure at the top Barrow Group level with the potential to contain 30 mmbbls of recoverable oil. The well is expected to take 12 days to reach total depth.

Immediately following Maier-1, the next well will be Lauda-1 located 8 kms to the west also in WA-290-P.

WA-290-P Joint Venture Participants are OMV as operator with 50%; Tap Oil with 25% and Nippon Oil with 25%.