Production from Woolybutt Field Still Shutdown

Tap Oil says the evaluation of mechanical problems with the swivel on board the FPSO "Four Vanguard" has continued over the past two days with the assistance of the manufacturer and during this process, for both safety and operational reasons, the wells have been shut in.

This is a topside issue and there are no problems or implications for the downhole reservoir. However it is important to resolve this matter thoroughly and the evaluation of this issue will continue for the next one to two days. Tap is confident that full production will be re-established in the near term.

WA-234-P Joint Venture participants are: ENI Australia Limited as operator with 65%; Mobile Australia Resources with 20% and Tap Oil with the remaining 15%.