Eni Puts Woollybutt on Hold for 3 Months, Plans Life Extension Project

Tap Oil noted in its quarterly update for December that production from the whole Woollybutt field is in line with current production targets and averaged over 11,000 bopd gross for the quarter. Increased field production and lower liftings volumes resulted in a significant increase in inventory.

Tap also reported that a life extension project for the Woollybutt FPSO is planned for mid 2009 and will result in the shut in of production for approximately 90 days. The owner of the leased FPSO will take the FPSO into dry dock for upgrades to ensure the vessel can remain at Woollybutt until the end of the projected field life. The owner of the FPSO, Premuda, will meet the majority of the project costs.

The Woollybutt field sits in Block WA-25-L where the partners are operator Eni (65%), ExxonMobil (20%) and Tap (15%).