Woollybutt-5A to be Suspended as a Producer

The Woollybutt-5A appraisal well, located in permit WA-25-L in the Barrow Sub-basin, has been drilled a Total Depth of 2,890 meters. The wireline evaluation program is complete. Currently the rig is evacuated due to tropical cyclone Clare. The forward plan is to suspend the well for possible future use as a production well, once the cyclone has passed. The rig will then move to the Yarri-1 location 5 kilometers to the east of the Woollybutt-3A discovery well.

An oil column of up to 4 meters has been confirmed by pressure data in the primary objective with an oil water contact consistent with the oil water contact in the Woollybutt-3 and 4 wells. Tap’s interpretation is that the Woollybutt-5A well has extended the South Woollybutt Field at least 4 kilometers to the south.

The deeper Intra Barrow interval, some 50 meters below the primary objective, (gross interval of around 12 meters) has been confirmed to be hydrocarbon bearing by wireline testing and sampling. These hydrocarbons are interpreted to be light oil, which will be confirmed by laboratory analysis. However, it would appear that these hydrocarbons are not connected to the Intra-Barrow oil columns intersected in the Woollybutt-3 and 4 wells.

Data obtained from Woollybutt-5A well will now be further interpreted to evaluate the optimal development of the South Woollybutt oil field. As anticipated the joint venture is considering the drilling of a further well, Woollybutt-6, in 2006 to evaluate the field.

The Woollybutt field oil production FPSO was temporarily shut-in on January 8, 2006 due to tropical cyclone Clare, but the vessel was not disconnected from the wells. Production restarted yesterday afternoon.

Production optimization operations will re-commence once the field is back on-line.

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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