Harriet Joint Venture Logs Pay with South Plato-3H Well

The South Plato-3H development well was spud on February 2, 2003 and successfully reached its target. The well is located in TL/6, south of Varanus Island and was sidetracked from the South Plato-2 well.

This well was drilled to address the increased water cut in the South Plato﷓1 production well interpreted as being a bottom hole cement bond failure. Prior to drilling the horizontal section through the oil reservoir, a deviated pilot hole has been drilled to determine the optimal well path for the horizontal production well.

The pilot hole has been drilled to a total depth of 2,356 meters measured depth. The top Flag Sandstone reservoir was intersected at a depth of 1,751 meters true vertical depth being on pre-drill prognosis. A gross 19.6 meters oil column was penetrated with a net oil column of 17.5 meters. The well will now be plugged back and the planned horizontal sidetrack drilled for production.

The South Plato-3 pilot well intersected the oil reservoir on prognosis confirming the seismic mapping and reserve estimates for the South Plato Oil Field. Once drilled, the South Plato-3H well will replace the existing South Plato-1 production well.

Tap interprets this as a good result and expects that South Plato-3H well will significantly increase oil production from the field starting next week.

Harriet Joint Venture Participants are: Apache as operator with 68.5%; Kufpec With 19.2771T and Tap Oil with 12.2229%.