Tap Says Woollybut-5 Appraisal Well Extends Field

The Woollybutt-5 appraisal is well located in permit WA-25-L in the Barrow Sub-basin approximately 4 kilometers south of the Woollybutt-3A well. The well had been drilled to a depth of 2,676 meters and was preparing to drill ahead to the planned total depth of 2,875 meters. A core has been taken in the Upper Barrow Group reservoir sands.

The drilling operations are continuing and the well is expected to reach total depth in the next 24-48 hours, after which formation evaluation logs will be run to evaluate all the well objectives. The core has been shipped to Perth for detailed analysis. Preliminary log information has indicated a hydrocarbon interval of at least 3 meters in the primary objective at the Upper Barrow. Initial interpretation indicates an oil water contact consistent with the oil water contact in the Woollybutt-3 and 4 wells. Tap's interpretation is that the Woollybutt-5 well has extended the South Woollybutt Field at least 4 kilometers to the south.

Based on logs and hydrocarbon shows a second zone of interest (gross interval of around 12 meters) is also present in the Woollybutt-5 well. This zone is at a similar level to the oil discovery in the Intra Barrow interval in the Woollybutt-3 well.

Tap is pleased to see that the oil in the southern lobe extends to this well location some 4 kilometers south of the previous two wells (Woollybutt-3 and 4) in the southern lobe. Tap is also encouraged by a larger than expected, interpreted hydrocarbon column in the secondary objective zone. However, further evaluation is required to determine if these hydrocarbons are connected to the Intra-Barrow oil columns in the Woollybutt-3 and 4 wells.

Upon reaching the planned total depth a comprehensive set of evaluation logs will be acquired and interpreted to ascertain the significance of the results. Using these results the Joint Venture will be in a position to establish the optimum development plan for the South Woollybutt Oil Field, possibly over two zones.

Following the commencement of production from the Scalybutt-1H well, the Woollybutt field is presently producing oil at a controlled rate of around 21,000 barrels of oil per day. Of this total the Scalybutt-1H is currently contributing water-free oil at rates in excess of pre-connection expectations. The field production rate is expected to change over the next few weeks as optimization of flow rates from each of the three wells is carried out to establish an overall field maximum production rate.

WA-25-L Joint Venture participants are Eni Australia Ltd as operator with 65%; Tap West Pty Ltd with 15.00%; and Mobil Australia Resource Co Pty Ltd with 20.00%

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