Tap Says Totem-1 Non-Commercial

Tap Oil says the Totem-1 exploration well, located in permit WA-191-P offshore Australia, has reached its planned total depth. The reservoir section had been intersected as prognosed, however preliminary results indicate it is not an oil discovery. Totem-1 will now be plugged and abandoned.

The Totem-1 well targeted the Calypso Formation reservoir similar to the nearby Amulet field. Although reasonable hydrocarbon shows have been observed in this reservoir in Totem-1, the preliminary analysis suggests if oil is present it is low saturation, and not producible.

Totem-1 well interests are Tap (Shelfal) Pty Ltd with 23.2%; Santos Limited as operator with 33.4%; Kufpec Australia Pty Ltd with 33.4%; and Nippon Oil Exploration (Dampier) Pty Ltd with 10.0%.

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