Operations at Yarri-1 Restart After Cyclone Daryl

The Yarri-1 exploration well, located in permit WA-25-L in the Barrow Sub-basin offshore Australia, has re-commenced operations following the evacuation of the rig due to Cyclone Daryl. The Yarri-1 well spudded on January 18, 2006, however Cyclone Daryl resulted in the evacuation of the Stena Clyde soon after. To date, the well has been drilled to 265 meters measured depth and is estimated to take around 20 days to drill to a total depth of 2,891 meters.

The Yarri-1 well is designed to test the Basal Mardie Greensand 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 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%. Eni is the operator of the well with an 81.25% stake.

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