Harriet Joint Venture Moves to Next Well in Drilling Program

The sidetrack coring of Ginger-1 has been successfully completed. The ENSCO 56 jackup has moved to the location of the next exploration well in the Harriet Joint Venture area, Felicia-1, which spudded on August 4, 2003.

Felicia-1 is located in TL/1, 7 kilometers south of Varanus Island 2.8 kilometers southeast of the South Plato Oil Field and 2.2 kilometers northeast of the Pedirka Oil Field. The Felicia-1 well has a planned total depth of 1,881 meters measured depth.

Core obtained from the Ginger-1 sidetrack, together with log data including pressure sampling, will provide information on reservoir quality and expected flow rates from the gas discovery. The 3D seismic over the Ginger area is currently being reprocessed. Once this is complete and log and core data from the Ginger-1 well analyzed, further appraisal work will be considered.

The Felicia-1 well will target a small low relief four way dip closed anticline at the Flag Sandstone level. If successful in finding a commercial oil pool, a development well, Felicia-2, will be drilled from the existing Victoria Production Platform for immediate production. The Felicia-1 well is expected to take 4 days to reach the proposed total depth of 1,881 meters measured depth.

Harriet Joint Venture Participants are: Apache is the operator with a 68.5% interest, Kufpec holds a 19.2271% stake and Tap Oil holds the remaining 12.2229%.