Harriet Joint Venture Makes Discovery with Albert-1 Well

The Albert-1 well located in TL/6 is being drilled as a deviated well from the existing Victoria production platform located offshore Australia. The well has drilled to its total depth and preliminary logs indicate a 13 meter gross hydrocarbon column with a net reservoir interval of approximately 7 meters.

The Albert-1 exploration well has been drilled from the existing Victoria platform as a deviated well into the Albert prospect within the Flag Sandstone. The net oil column of around 7 meters indicates a small oil pool and will be completed for immediate production into the Varanus Island production facilities.

Albert-1 was the first well to be drilled on the reprocessed 3D seismic data and is an encouraging indication of the potential for this technique to indicate the presence of hydrocarbons.

The Harriet Joint Venture has a further 19 wells planned for 2005 with three rigs available in the area. On completing Albert-1 for production, the Ensco-106 rig will mobilize to the Agincourt platform to drill the Jane prospect as a deviated well such that in the success case, that well can also be immediately completed for production into the Varanus Island production facilities.

Although the Jane prospect lies within the area of the latest 3D seismic processing, the lack of proximate well control data will limit its effectiveness at this location. Notwithstanding this it is a well defined structure trapped against a prominent bounding fault 3kms to the North of the Agincourt oil field. The prospect is potentially much larger than Albert and hence is an early drilling candidate.

TL/6 Joint Venture participants are Apache as operator with 68.%; Tap Oil with 12.22% and Kufpec with 19.28%.