Harriet JV Updates Activities in the Carnarvon and Gippsland Basins

Tap Oil reports that the Lansdowne-1 exploration well has commenced drilling on September 5, 2005. The well is located in TL/6 offshore Australia and is being drilled from a surface location approximately 5 kilometers south of the Agincourt Platform. The bottom hole objective location lies approximately 2.8 kilometers northeast of the surface location.

The well will be drilled to a total depth of 3,815 meters measured depth RT (1,905 meters true vertical depth).

The Lansdowne-1 exploration well is a deviated well, designed to establish if hydrocarbons are present in the Double Island and Flag reservoirs. The well is expected to take 12 days to reach total depth and is the first well to be drilled with the Ensco 67 after a major re-fit in Singapore. If successful, a development well will subsequently be drilled from the Gibson South Plato Platform.

Operations are currently underway on the Agincourt Platform with the Ensco 56 in preparation for drilling the Artreus-1 well, which is expected to spud this week.

Operations are currently underway on the Harriet Bravo Platform with the Ensco 106 in preparation for drilling the Bambra-7H development well, which is expected to spud this week.

Harriet Joint Venture participants are Apache Northwest as operator with 68.5%; Tap Oil with 12.22295 and Kufpec Austalia with 19.2771%.


Tap Oil Limited has entered into an agreement with Nexus Energy Limited to acquire a 25% interest in the VIC/P39(V) exploration permit in the offshore Gippsland Basin off the coast of Victoria.

Tap will earn a 25% equity interest in the permit by funding a share of the Galloway-1 exploration well planned for directional drilling from onshore to offshore in February 2006.

The Galloway structure is interpreted to have the potential to contain in excess of 20 million barrels of recoverable oil. If successful, the field could be developed quickly from the onshore drilling location.

The farmin to the VIC/P39(V) permit provides Tap with exposure to the possibility of near term oil production in a proven prolific oil producing basin. The economics of a success are attractive due to the ability to drill the Galloway prospect and a follow-up prospect from a land based location, near oil and gas infrastructure and markets.

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