Tap Oil Spuds Banjo-1 Well

Tap Oil reports that the Banjo-1 well spud on March 31, 2003. The well is located in EP 397, 60 kilometers south of Varanus Island offshore Australia.

The well will be drilled to a planned total depth of 1000 meters and this is planned to be reached in approximately 3 days. The well is being drilled by the Ensco 53 jackup.

The Banjo prospect comprises a structural/stratigraphic trap formed by northerly dipping lower Jurassic and upper Triassic reservoirs sealed to the south by a large Jurassic shale filled channel. The prospect has the potential to contain up to 60 mmbls of recoverable oil with a mean risk calculated volume of 24 mmbls.

Participants in Banjo-1 are Tap Oil as operator with 33.3%; First Australian Resources with 33.3% and Goodrich Petroleum with 33.3%.