Delays at Libris-1 Exploration Well

Tap Oil

Tap Oil says the Libris-1 well, located in the northern portion of permit WA-246-P, in the Dampier sub-basin has drilled ahead to 2,940 meters measured depth. Downhole problems have resulted in the loss of the drill string in the lower hole section of the well. Currently the well is being plugged back to approximately 800 meters after which drilling will re-commence. This will delay the well by approximately 7 days.

The Libris-1 well is designed to explore for hydrocarbons within the Upper Angel Formation and also to test for hydrocarbons at the Lower Angel Formation level.

Libris-1 is expected to reach the proposed total vertical depth in approximately 20 days.

WA-246-P Joint Venture participants are Apache Northwest as operator with 45%; Tap with 10%; Kufpec with 20%; Santos with 15% and Pan Pacific Petroleum with 10%.