Oil Discovered at South Simpson-1 Offshore Australia

The South Simpson-1 well is located in TL/1 just south of Varanus Island. The well was drilled to a total depth of 3,050 meters measured depth and an 8 meter gross oil column in the Flag Sandstone. The oil water contact is similar to that seen in Simpson-1 and it is likely South Simpson is a southerly extension of the Simpson Field rather than a separate accumulation. The well is currently being opened up to a diameter of 12-1/4" in preparation for completion and will be brought into production later this week. The rig will then return to drilling the Tanami 6 well.

The South Simpson-1 well is being drilled out of the Simpson Bravo monopod. This will enable immediate hook up of the new discovery to production. Incremental reserves addition resulting from the new discovery will be calculated and reported in due course.

Harriet Joint Venture Participants are Apache Energy Limited as operator with 68.5%; kufpec Australia Pty ltd with 19.2771% and Tap Oil with the remaining 12.2229%.