Tap Oil Sees Traces of Oil at Markisa Well
Tap Oil advised the Markisa-1 exploration well in Block M, onshore Brunei Darussalam has encountered good oil shows and a possible 29m oil column in the Ridan sand formation.
Markisa-1 has reached a total depth of 1,300m measured depth and wireline logging operations are in progress. Wireline sampling and side wall coring is ongoing and is expected to be completed on the Markisa-1 well in the next 24 hours.
Markisa-1 encountered good oil shows while drilling through the Ridan sands from approximately 1,070m to 1,100m (29m true vertical thickness) with preliminary wireline logs indicating a possible oil column over this horizon. It was not possible to recover any fluid samples from this interval.
Tap Chief Executive Officer Peter Stickland said the presence of oil in the Markisa-1 well is a positive result.
"The good oil shows and possible oil column in the Ridan sand are an encouraging outcome at Markisa-1," Mr Stickland said.
"Further evaluation will be required to determine the appropriate next steps to understand the reservoir quality and establish whether the reservoir is productive. Only then will we be able to assess the volumetric implications of what Markisa-1 has encountered," he said.
"Oil in Block M can be rapidly commercialized due to close proximity to processing and export facilities even in the case of relatively modest quantities.
"Markisa-1 results provide solid support for Tap's ongoing efforts in Brunei and we look forward to further evaluation and exploration drilling in Block M in the near future."
Further updates will be issued following completion of the well evaluation.
Block M covers an area of approximately 3,011 km2 (see attached map) in the Baram Delta Basin and is the largest onshore permit in Brunei. The Block contains the Belait oil and gas field, but is under-explored having not seen a concerted exploration effort during the past 20 years.
Block M Participants:
- Tap Energy (Borneo) Pty Ltd (Operator) 39%
- Triton Borneo Limited 36%
- China Sino Oil Company Limited 21%
- Jana Corp. Sdn. Bhd. 4%