Australia: Tap Oil Announces December 2010 Qarterly Report

Managing Director of Tap Oil  Provides Summary for the Quarter Ended 31 December 2010:

“During the quarter, we began an extensive review of the asset portfolio and in 2011 we will focus on the following three key areas:

1. Gulf of Thailand

The acquisition of 75% of Northern Gulf Petroleum, in Thailand, was concluded. Further appraisal of the Manora Oil Field will take place in 2011, and a Field Development Plan will be agreed. We are working towards booking 2P reserves, most likely in 2H 2011. A final investment decision should take place in mid 2012. The successful completion of this development will substantially improve the production profile of the company.

2. Ghana

After preparation and approvals during the quarter, Acquisition of a 3D seismic survey has commenced with the intention of de-risking the exploration acreage in order to begin drilling in late 2011/ early 2012.

3. WA-351-P

At the date of this report being released, Tap had pre-empted a $15.7m offer to Roc Oil (WA) for their 20% equity in WA-351-P, to take our equity to 45%. This acreage offers significant leverage to large potential gas resources at a time when there is competition between several large competing LNG projects.

Other assets in the portfolio are being evaluated and the best way to monetise them will be considered.” Mr Troy Hayden Managing Director / CEO

For Detailed Report Click Here.

[mappress]

Source:Tap Oil, January 28, 2011;