Woollybutt Start Up Delayed

Due to Cyclone Inigo Tap Oil said it was necessary to suspend development operations for several days. Operations then recommenced on Tuesday, April 15, 2003 however, the ropes used to pull in the mooring buoy were damaged. An operational review and remedial works have been carried out. The ropes have been replaced and the buoy will be connected to the Vanguard Four vessel on Wednesday, April 23, 2003. Initial production of hydrocarbons is now expected to commence around 25 April 2003.

WA-234-P Joint Venture Participants are Agip as operator with 65%; Tap Oil with 15% and Mobil Australia Resources with 20%.