South Gibson-1 to be Plugged & Abandoned

Tap Oil

Tap Oil says that the South Gibson-1 exploration well in the Carnarvon Basin offshore Western Australia will be plugged and abandoned. South Gibson-1 is a deviated well drilled to a Flag Sandstone target approximately 1 kilometer east of the Gibson/South Plato production platform.

Thee well had drilled ahead to the planned total depth. The Flag Sandstone reservoir has been intersected, and is interpreted to contain an oil column of less than 2 meters.

While the South Gibson-1 well has been drilled very efficiently, the volume of oil associated with a 2 meter column is too small to warrant commercial development.

The rig is now scheduled to leave the Harriet Joint Venture to drill Bricklanding-1 in TP/7, where Tap is also a participant.

Harriet Joint Venture participants are Apache Northwest Pty Ltd as operator with 68.5%; Tap with 12.2229% and Kufpec with the remaining 19.2771%.