Tap's Fletcher-3 Appraisal Well Intersects 20 Meters of Pay

The Fletcher-3 appraisal well was spudded by the Songa Mercer on Saturday, Dec. 6, 2008, and reached a total depth of 3014.7 meters measured depth on Friday, Dec.19, 2008. Wireline logging has commenced, however operations were suspended and the rig evacuated on Saturday, Dec. 20, 2008, as precautionary measures in view of possible cyclone activity in the area.

Fletcher-3 intersected an approximately 20-meter-thick gross interval of high quality oil-bearing Legendre Formation reservoir sands as predicted.
The Fletcher-3 appraisal well is a vertical well being drilled to appraise the eastern part of the Fletcher oil discovery in Exploration Permit WA-191-P. At a water depth of 152 meters, the well is located at latitude19°14' 47.79"S and longitude 114° 47' 48.04"E. 
Appraisal Drilling
Fletcher-3 is designed to appraise the Fletcher-1 & 2 oil discovery, initially drilled in July-August 2007. The discovery lies at the northern end of the Dampier Sub-Basin, approximately 17 kilometers east of Santos' producing facilities at the Mutineer and Exeter Fields.
Fletcher's proximity to existing facilities significantly enhances the economics of a potential development and represents a good opportunity for Tap to participate in a moderate risk, potential near-term oil development in this part of the highly productive Carnarvon Basin.
The well has so far confirmed the presence of high quality, oil-bearing reservoir in the Fletcher-3 fault block, however further work is required to integrate this new data with previous interpretations over the greater Fletcher High. Well results are in line with pre-drill expectations however wireline log data is essential to confirming Tap's provisional interpretation. This data will only become available after operations recommence.
Fletcher-3 Joint Venture Participants:
Tap has slightly higher equity in Fletcher-3 than in the rest of WA-191-P as Nippon Oil Exploration decided not to participate in the well. Tap, along with Kufpec and Santos, absorbed Nippon's equity pro-rata.

JV Participant
Equity Interest in WA-191-P      
Equity Interest in Fletcher-3 Well
Santos Limited (Operator)
Kufpec Australia Pty Ltd
Nippon Oil Exploration (Dampier) Pty Ltd
Tap (Shelfal) Pty Ltd

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