Tap Starts 2D Seismic Acquisition

Tap Oil Limited, as operator of T/47P, advises that acquisition of the Molson 2D Marine Seismic Survey commenced on the 12 March 2008.

A total of approximately 530 kilometers of full fold data will be acquired by the CGGVeritas vessel M/V Pacific Titan. The survey is estimated to take approximately 1 week to complete.

T/47P is located in the Bass Basin between Victoria and Tasmania. Previous drilling, most notably at Cormorant-1, has encountered oil but prospect definition has been hampered by the absence of modern high-quality seismic data.

The Molson 2D Seismic Survey forms part of Tap's comprehensive assessment of T/47P, which includes the 517 sq km Labatt 3D seismic survey acquired over the western portion of the permit in late 2007. The Labatt 3D survey targeted the region around Cormorant-1 and interpretation of the fast-track dataset has commenced.

The Molson 2D Seismic Survey will enable the prospectivity in the central and eastern central part of T/47P to be assessed. The proposed survey will partially infill existing 2D surveys as well as provide seismic coverage where there is currently very little data in this part of the permit. Final seismic volumes from the survey will be available for interpretation in the third quarter of 2008.

Both of these surveys will be used for prospect definition leading to the planned two well program planned for 2009. Rig slots have been secured in preparation for this program.