Seismic Acquisition Complete, Looking for Prospects on Bass Basin Permit

Tap Oil Limited advises that the Labatt 3D Marine Seismic Survey, within Bass Basin permit T/47P, was completed on Jan.1, 2008. A total of 524.6 square kilometers of full-fold prime 3D data was acquired.

The primary aim of the Labatt 3D Seismic Survey is to mature leads in the vicinity of the Cormorant-1 well (which encountered oil in 1970) into drillable prospects. Several leads have been identified from existing 2D seismic data in this area, approximately 45 kilometers northwest of the Yolla oil and gas field in the adjoining permit.

Final seismic volumes from the survey will be available for interpretation/analysis in the second quarter of 2008, and a rig has already been secured for two wells to be drilled on the defined prospects early in 2009.

The T/47P Joint Venture participants include Tap as the operator with 40% interest, SPC Production Company with 35% interest and Jubilant Energy Ltd with 25% interest.