Tap Drills Dry Hole with Banjo-1 Well

Tap Oil reports that the Banjo-1 did not encounter any hydrocarbons and will be plugged and abandoned. The well is located in EP 397 offshore Australia and was drilled to a total depth of 971 meters measured depth. The objective Triassic Mungaroo sandstones were intersected at a depth of 858 meters measured depth. Although good reservoir sandstones were encountered, no hydrocarbons were present.

The Banjo prospect comprised northerly dipping lower Jurassic and upper Triassic reservoirs sealed to the south by a large Jurassic channel. A preliminary interpretation of wireline logs indicates that the channel fill comprises a sandy siltstone which does not provide the required lateral seal to the south to form a valid trap for hydrocarbons.

The Banjo-1 well is the last of a three well program operated by Tap which has resulted in the discovery of an oil pool at Cyrano-1. Tap is currently proceeding with a full interpretation of this discovery to determine reserves and possible development options.

Participants in Banjo-1, EP-397 are Tap Oil as operator with 33.3%; First Australian Resources with 33.3% and Goodrich Petroleum with 33.3%.