Reservoir Quality at Toobada-1 Well Poor

The Toobada-1 well intersected hydrocarbon shows over a 200 meter gross interval within a series of stacked sandstones within the Barrow Group. Although electric logs confirm the presence of hydrocarbons, formation pressure evaluation has indicated poor quality reservoir and the inability for the hydrocarbons to flow at economic rates. Current operations comprise the cutting of sidewall cores. Analysis of these cores over the coming weeks will evaluate the reservoirs in more detail. Once the cutting of sidewall cores is completed the well will be plugged and abandoned. The Toobada-1 Well is located in WA-192-P offshore Australia approximately 15 kilometers north of the Wonnich Field.

The discovery of hydrocarbons over such an extensive interval within the Barrow Group is encouraging for the WA-192-P area. However, the reservoir quality at Toobada-1 is very poor, and further work, particularly the analysis of the core data, will be required to evaluate the potential for an improvement in reservoir elsewhere. Other prospects and leads have been mapped in the area, and once all log and core data from Toobada-1 are analyzed it is likely that follow up drilling will be considered. WA-192-P Joint Venture Participants are: Tap Oil as operator with 13.7723%; Apache Energy with 64.5207%; and Kufpec with the remaining 21.707%.