Tap Finds Oil with Cyrano-1

Tap Oil reports that it has made a discovery with the Cyrano-1 well located in EP 364 offshore Australia. The location of the well is approximately 13 kilometers east southeast from the oil storage and offloading facilities at Airlie Island. The well reached a total depth of 769 meters measured depth and was drilled by Ensco's jackup, Ensco 53. Electric logs indicate that Cyrano -1 has intersected a 29-meter gross hydrocarbon column. Formation pressure and fluid samples indicate a 19-meter gross gas column in the Lower Cretaceous Mardie Greensands and a 10-meter gross light oil column at the top of the Barrow/Birdrong Sands. The well has now been plugged and abandoned as per program.

The successful result of this well is in line with the pre-drill prognosis. The data will now be reviewed and integrated to determine the quality of the reservoir and quantify the size of the resource. While this is a small discovery, it's potential to be commercially developed will be enhanced by its proximity to infrastructure at Airlie Island and the recently discovered Nasutus Oil Field some 4 kilometers to the northeast.

Tap Oil has a 100% interest in this well. It's partner, Westranch Holdings (10% interest in Permit EP 364) elected not to participate in this well.