Tap Oil Updates Woollybutt Development

The Woollybut-2AST3 well was sidetracked on August 15, 2002. The well is located in WA-234-P, 4.5 kilometers west of Barrow Island. The well has drilled to its programmed total depth of 3,260 meters measured depth (2,525.4 meters true vertical depth). The well has penetrated 200 meters of good reservoir sandstone in the horizontal section as prognosed and current operations are the running of 4-1/2" pre-drilled liner. After the completion has been installed a clean up flow will be conducted to unload the well and evaluate the well's production performance.

The rig will then move off the Woollybutt-2 location and the second production well Woollybutt-1ST1 will be spudded from a sidetrack of the Woollybutt-1 well. Construction of all other production facilities are proceeding according to plan, with first oil anticipated in the first quarter 2003. WA-234-P partners are: Agip as operator with 65%; Mobil Australia with 20% and Tap Oil with the remaining 15%.