Yarri-1 Exploration Expected to Spud Soon

The Yarri-1 exploration well located in permit WA-25-L in the Barrow Sub-basin is expected to spud this week. The well location is approximately 10 kilometers South East of the Woollybutt (Four Vanguard) FPSO.

The Stena Clyde is was on location and running anchors. Yarri-1 is expected to take twenty-nine days to drill and reach a total depth of 2,891 meters RT. The rig was released from the Woolybutt-5 well on January 16th with the well being suspended for potential future use as a production well.

The Yarri-1 well is designed to test the Basal Mardie Geensand and Upper Barrow Group Sandstones with secondary targets in the Intra and Lower Barrow Group Sandstones within an interpreted 4-way dip closure to the south east and east of the Woollybutt North and Woollybutt South Oil Fields.

The results of the Yarri-1 well will be combined with that of the Woollybutt South Field to determine potential development options of the Woollybutt South Oil Field and any Yarri-1 discovery.

The Yarri-1 well is a Sole Risk well. As a result, Tap's equity interest in the Yarri prospect, subject to normal industry back in arrangements, is 18.75%.

WA-25-L Joint Venture participants in WA-25-L are Tap West Pty Ltd with 15%; Eni Australia as operator with 65% and Mobil Australia Resource Co. Pty with 20%; Yarri-1 participants are Tap West Pty Ltd with 18.75% and Eni Australia as operator with 81.25%.

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