Priam-1 Exploration Well to be Abandoned

Tap Oil

Tap Oil reports that the third deviated well in production license TL/6 offshore Australia, Priam-1, was drilled as a deviated well to a target approximately 1.5 km to the northeast of the previous location. The well reached a total depth of 1,868.7 meters TVD. No hydrocarbons were encountered at the primary objective, the Double Island Sandstone.

Priam-1 successfully intersected the shallower known oil reservoir of the Agincourt field, with hydrocarbon contacts consistent with production history. However the majority of the oil is expected to be recovered from existing wells, so Priam-1 is not required as a producer.

The well tested a four way dip closure at the deeper Double Island Sandstone primary objective which did not contain any hydrocarbons.

The well will now be plugged and abandoned.

The Ensco-67 will now move on to drill West Cycad-1, also in the Harriet Joint Venture.

Harriet Joint Venture participants are Apache Northwest Pty ltd as operator with 68.5%; Tap Oil with 12.2229% and Kufpec with 19.271%.