Tap Kicks Off Development at Woollybutt South

Tap Oil Limited says work has started at Woollybutt-4H development well which kicks off the Woollybutt South Development. The Woollybutt-4H development well is located in permit WA-25-L offshore Australia in the Barrow Sub-basin. The well will be sidetracked from the existing Woollybutt-4 well.

The Songa Venus drilling rig has re-entered the previously drilled Woollybutt-4 well and is drilling out the cement plugs prior to commencing the Woollybutt-4H sidetrack.

Woollybutt-4H will sidetrack from the Woollybutt-4 well and will be drilled and completed as a horizontal well in the Top Barrow Sandstones which contains a similar oil to the Northern Lobe of the Woollybutt Field.

The Woollybutt South Lobe was originally discovered by the Woollybutt-3A well in 1999 and subsequently appraised by the Woollybutt-4 and Woollybutt-5A wells. The planned wells are a re-entry of the Woollybutt-4 well and the drilling of the Woollybutt-6 appraisal well.

With completion of the Woollybutt-4 well and a successful appraisal at the Woollybutt-6 well, additional reserves of approximately 10 MMbbls are expected from the greater Woollybutt development.

Preparations are on schedule for an early 2008 tie in of the two wells by subsea flowlines to the Woollybutt Four Vanguard FPSO which will increase production to approximately 14,000 bopd.

Following completion of the Woollybutt-4 well, the rig will move to the Woollybutt-6 appraisal well.

WA-25- L Joint Venture participants are Eni Australia Ltd as operator with 65%; Tap West Pty Ltd with 15% and Mobil Australia Resource Co Pty Ltd with 20%.

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