Tap Says Alpine 3D Survey Complete

Tap Oil Limited says that the SC41 Alpine 3D Seismic Survey is now complete. A total of 751.6 square kilometers of full-fold prime 3D data were acquired. The survey was completed within budget and without Lost Time Injury (LTI) or environmental incident. Processing of the 3D data has begun and a fast track interpretation is likely to be available by the end of the 3rd quarter of 2007.

The size and location of 3D seismic survey will dramatically enhance the prospectivity of the SC41 license by enabling multiple drilling targets to be matured. On the existing 2D seismic data, the prospectivity of SC41 comprises of a number of leads which are interpreted to have the potential for oil accumulations in the range of 50 to 150 million barrels along trend from the Wildebeest -1 exploration well, which discovered 40 degree API oil in 2000. Further exploration drilling in SC41 is anticipated in mid 2008.

Circum Borneo, where this license is located, is populated by numerous large oil and gas fields operated by major oil and gas companies. Tap believes that SC41 has good potential to discover material volumes of hydrocarbons and be a "game changer" for the company.

The joint venture participants are Tap Oil (Philippines) Pty Ltd. With 50%; Salamander Energy with 35% and Philippine Domiciled Participants with the remaining 15%.