Tap: Woollybutt Remains Temporarily Suspended

Tap Oil Limited advises that production from the Woollybutt Field remains temporarily suspended due to recent cyclone activity and limited support vessel availability.

The Woollybutt Field is located in permit WA-25-L off the coast of Western Australia, approximately 40km west of Barrow Island.

As previously reported, the Four Vanguard FPSO was disconnected on the 17th February due to the threat posed by Tropical Cyclone Nicholas. Reconnection has been postponed due to the subsequent threat of Tropical Cyclone Ophelia and limited support vessel availability.

It is anticipated that production will recommence in approximately two weeks after the FPSO has been reconnected and remaining maintenance issues have been addressed.

This temporary disruption to production will not affect the tie back of the recently successful Woollybutt South development well, Woollybutt-4H, which remains on schedule to be tied back to the Woollybutt facilities in late May 2008.

Tap strongly supports the steps taken in conducting all necessary activities to ensure the safe and compliant recommencement of production.

This event does not impact the reserves of the field, as production is only deferred for the period of the shutdown.