Taunton-2 Appraisal Well Successful

Pan Pacific Petroleum reports that Taunton-2 located offshore Australia in the Carnarvon Basin has successfully confirmed an extension of an oil column by-passed in Taunton-1.

Wireline pressure tests indicate that this second well on the structure has intersected a gross oil column of 15 meters, with some 4 meters of net oil bearing sand. Pan Pacific's estimated oil potential for the accumulation within TL2 is 3.5 million barrels, which is in line with the pre-drill mid-case predictions. This discovery is located only 6 kilometers from the Airlie Island production facilities.

Taunton-2 reached a total depth of 1432 meters. Once wireline logging is completed it is planned to drill a horizontal sidetrack and conduct a production test. The well will then be plugged and abandoned, and the ENSCO 56 will move to WA149P, where it will drill Montgomery-1.

Participants in the Taunton-2 well are Apache as operator with 90% and Pan Pacific Petroleum holds the remaining 10%.