Apache Logs Gas Pay at Kultarr-1

The Kultarr-1 exploration well located in permit WA-334-P offshore Australia reached a TD of 2642 meters. Log measurements and pressure analysis have confirmed an approximate 35 meter gross gas column.

The well is located 9 kilometers west of the Harriet Joint Venture's Wonnich Production Platform, in which Tap Oil Limited is a 12.2% participant.

At this stage Kultarr-1 is considered to be a modest gas discovery and, if deemed commercial, would most likely be developed utilizing the nearby Wonnich facilities.

The reservoir target at Kultarr-1 was encountered around 90 meters high to prognosis and this result has potentially increased prospectivity within the immediate vicinity of Kultarr-1. As a result of the discovery nearby prospects and leads will be evaluated for near term drilling.

WA-334-P joint venture participants are Apache Northwest Pty Ltd with 805 and Tap (Harriet) Pty Ltd with the remaining 20%.

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