Tap Oil Spuds Jane- 2 Exploration Well

Tap Oil Limited advises that the Jane-2 exploration well spudded on 22 August 2005.

The Jane-2 well is located in TL/6, and is being drilled at a surface location of latitude 20°40' 07.64" S and longitude 115°30' 51.53" E.

As at 06:00 hours this morning, the well has drilled ahead to 64 metres measured depth and will continue to drill ahead to a total depth of 2,545 metres measured depth.

Tap Comment
The Jane-1well which was drilled as a long-reach deviated well from the Agincourt Platform in March 2005 failed to reach its objective due to drilling problems. The Jane-2 exploration well is simpler in design and will be drilled as short-reach deviated well from a location approximately 1.5 kilometres southwest of the Jane prospect. The well is expected to take 7 days to reach total depth.

A discovery at Jane-2 will require the drilling of a development well most likely from the Agincourt Platform some 3.4 kilometres to the South.

TL/6 Joint Venture Participants:
Tap Oil Limited 12.2229%
Apache Northwest Pty Ltd (Operator) 68.5%
Kufpec Australia Pty Ltd 19.2771%