Fletcher-4 to Undergo P&A While JV Examines Greater Fletcher's Potential

Tap has provided the following information on the Fletcher-4 appraisal well.

Fletcher-4 is a deviated sidetrack from the Fletcher-3 well, being drilled to appraise the eastern part of the Fletcher oil discovery in Exploration Permit WA-191-P. The well is located at latitude 19 degrees 14' 47.79"S and longitude 116 degrees 47' 48.04"E. The target top Legendre Formation is approximately 500 m to the northwest of the Fletcher-3 location. Water depth at the well location is 156 m.

Fletcher-4 kicked off on Thursday, January 8, 2009 and has reached a total depth of 3,252 m measured depth. Fletcher-4 intersected the primary target reservoir but it was found to be water wet.

At the conclusion of logging operations in Fletcher-4, the well bore will be plugged back and abandoned, and the rig released.

Fletcher-4 was designed to appraise a fault block adjacent to the Fletcher-1&2 and Fletcher-3 oil discoveries. The results of Fletcher-4 illustrate the complexity of the Fletcher oil accumulation. Interpretation of the well data from Fletcher-4, together with remapping incorporating all of the well results, will be undertaken in order to confirm the potential of the Greater Fletcher High.

The Fletcher oil field is approximately 17 km east of Santos' producing facilities at the Mutineer and Exeter Fields. Fletcher's proximity to existing facilities significantly enhances the potential for commercial development.

Fletcher-4 Joint Venture Participants:
Tap has slightly higher equity in Fletcher-4 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.