Simpson-4H Well To Be Put Into Production

The Simpson-4H well was spudded August 9, 2002 as a side track from the Simpson-3H well bore. The well is being drilled from the Simpson Bravo monopod located in TL/1, south of Varanus Island. The well reached a total depth of 2,433 meters and penetrated a near horizontal section of approximately 50 meters of oil bearing sandstone reservoir. It is expected that the well will be put into production within 12 weeks. This operation will be coordinated with preparations to drill South Simpson-1 and Tanami-6 (updip Tanami) prospects from the same platform.

The Simpson-4H well intersected the top of the sandstone reservoir approximately 28 meters above the oil water contact in Simpson-1, some 14 meters above the prognosed reservoir at this location. This sand was not developed in the adjacent Simpson-4 and Simpson-3H wells, indicating the complex stratigraphy of the upper part of these reservoirs. While this reservoir complexity occasionally causes difficulties in optimally locating development wells such as at Simpson-3H, Tap believes this is a good result as it provides confidence for upside stratigraphic trapping in this field and possibly the other prospects in the area. The Simpson-4H production well, having penetrated a structurally higher reservoir, will now be left in a condition whereby it can be re-entered and deepened if necessary to also optimally drain the lower reservoirs at a later date.

Partners is the Harriet Joint Venture are Apache Energy as operator with 68.5%; Kufpec Australia Pty Ltd with 19.2771% and Tap Oil with the remaining 12.2229%.