TapOil Relinquishes Philippine Block

Tap Oil relinquished exploration Block SC-41 in the Sulu Sea in the southern Philippines. The next phase of the service contract would have included a work program commitment to drill an exploratory well by May 2011, but Tap was not able to secure an appropriate farmout of SC-41. Thus, the license was relinquished prior to incurring the well commitment. SC 41 is an area of approximately 1.2 million acres (5,000 square kilometers) with water depths ranging from 656 to 6,562 feet (200 to 2,000 meters). The license contains the Rhino prospect, which is estimated to hold 258 MMbo of recoverable reserves.

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