Artreus-1 Exploration Well Encounters Oil

The Artreus-1 exploration well, located in TL/6 offshore Australia was spudded on September 9, 2005 and reach a total depth of 4,406 meters measured depth. The well was drilled from the Harriet Joint Venture Agincourt Platform and the bottom hole objective location lies approximately 2.8 kilometers southeast of the surface location.

Preliminary log analysis indicates the well has encountered a 12.5m gross oil column at the Double Island Sandstone objective.

Although oil reserves are yet to be calculated for the Artreus structure, this initial result is very encouraging, with the oil column height consistent with pre-drill expectations. Options are currently being evaluated for a rapid development of the Artreus accumulation.

TL/6 Joint Venture participants are Apache Northwest as operator with 68.5%; Tap Oil with 12.2229% and Kufpec Austrlia with 19.2771%.