Production Commences at Woollybutt Field

Tap Oil reports that production has commenced from the Woollybutt Oil Field. The FPSO "Four Vanguard" was successfully moored on location at the Woollybutt field on April 26, 2003. The first well, Woollybutt-2AST3, was opened up late on Tuesday and oil has successfully been processed on-board the Four Vanguard. The other production well in this field, Woollybutt-1ST1, will be opened in the next few days.

Initial rates are currently constrained while the process equipment and well performance are under evaluation. It is planned that total field production will be steadily increased to approximately 35,000 barrels of oil per day over the next week.

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