Harriet JV Spuds Gipsy-4 Well

The Harriet Joint Venture is using the Ensco 56 to spud the Gipsy-4 development well located offshore Australia in TL/1. The Gipsy-4 well has drilled to a depth of 1,870 meters measured depth and will continue to drill ahead to the planned total depth of 3,850 meters measured depth (2,245 meters true vertical depth subsea).

The Gipsy-4 development well will be sidetracked from the North Gipsy-2H wellbore for immediate development of the oil reserves discovered in August this year by the Gipsy-3 exploration/appraisal well. This well intersected 13 meters of net oil pay within the North Rankin Formation sandstones and 6.4 meters of net oil pay in the underlying Mungaroo "B" sandstones. These additional oil reserves form a southern extension of the existing developed Gipsy oil field. Seismic interpretation indicates the possibility for additional reserves even further to the south of Gipsy-3.

The Gipsy-4 well is designed to produce from a stacked pay sequence. Firstly, the deeper Mungaroo "B" reservoir will be completed for production following which the well bore will be re-completed to produce the shallower North Rankin reservoir at a later date.

Partners in the Harriet Joint Venture are Apache with 68.5%; Tap Oil with 12.2229% and Kufpec with 19.2771%. Tap Oil is the operator for the Gipsy-4 Well.