Tap Oil Provides WA-49-R Contingent Resources Update

Tap Oil Limited provided update of contingent resources in the WA-49-R retention lease in the offshore Carnarvon Basin, including the Zola, Antiope and Bianchi-1 discoveries.

This follows the successful Bianchi-1 discovery in July 2013 with analysis now confirming the Contingent Resources. Tap estimates gross 2C contingent resources of 638 PJ within the retention lease and a net resource to Tap of 64 PJ.

Tap will book an additional 16 PJ of net 2C contingent resource in the WA-49-R retention lease for the Bianchi-1 discovery. Tap has booked 48 PJ of net 2C contingent resource for the Zola and Antiope discoveries in WA-49-R (46 PJ as per the 2012 Tap annual report with an upwards revision of 2 PJ in 2013).

The Bianchi discovery in July 2013 is approximately 6.4 km north-northeast of the Zola-1/ST1 gas discovery and 20.8 km south southwest of the Gorgon gas discovery well.

Bianchi-1 was drilled to a total depth of 5,429 metres (measured depth rotary table (MDRT)). The well encountered 112 metres of net gas pay in multiple reservoir zones from 4,780 metres (MDRT) to total depth in the Mungaroo formation.

The basis for confirming the existence of moveable hydrocarbons at Bianchi-1 are wireline samples recovered from four gas bearing reservoirs.

Bianchi volume estimates are reported in accordance with the SPE Petroleum Resources Management System. The analytical procedures to calculate Contingent Resources were probabilistic modeling for each reservoir based on petrophysical log analysis, seismically derived structure maps and laboratory analysis of sampled fluids. These estimates were then aggregated by arithmetic summation.

The key contingencies associated with this project are the operator’s development plan and gas marketing strategy. Additional prospective resource locations need to be drilled to add to the permit’s existing Contingent Resources to become commercially viable.