Harriet JV Brings Mohave-1 Onstream

Following the recent discovery of oil in Mohave-1, the well is now online with initial production rates of approximately 10,500 bopd with no water. The field is expected to produce around 500,000 bbls of oil which while a small volume, will be highly profitable at current oil prices and using existing infrastructure.

Oil production from the recently developed North Alkimos Oil and Gas Field is proceeding well. As the gas cap is being blown down, oil is being produced earlier than expected. The current oil production rate is approximately 1,400 bopd and is expected to increase to around 2,500 bopd on depletion of the gas cap in about one month.

The Stuart-1 exploration well spudded on July 25, 2005. The well is located in the Harriet Joint Venture Permit, TL/6, and like the Mohave-1 well, is also being drilled from the Victoria production platform. The objective lies approximately 1.7 kilometers to the northeast of the platform. The well is currently drilling ahead and will continue to drill to the planned deviated total depth of 2,800 meters.

The Stuart-1 exploration well is designed to evaluate a small Flag Sandstone prospect similar to the recently completed Mohave Oil Field. The Stuart-1 well is expected to take 4 days to reach its programmed total deviated depth of 2,800 meters measured depth. If successful, the well will be quickly brought onto production via the Victoria Platform.

Harriet Joint Venture participants are Apache Northwest as operator with 68.%; Tap Oil with 12.2229%; and Kufpec Australia with 19.2771%.