Australia: Tap Oil Finds Gas Shows in Tallaganda-1 Well

Tap Oil Limited provides the following update on the Tallaganda-1 exploration well in permit WA-351-P offshore Carnarvon Basin, Western Australia.

Location / Proposed Depth

The Tallaganda-1 well is located within permit WA-351-P, of the Carnarvon Basin, Western Australia. The well was drilled in 1,141 metres of water to a final total depth of 4,365 metres MDRT.

Progress

During the period from 0600 hours WST on 4 April 2012 to 0600 hours WST on 11 April 2012, the well was drilled to a final total depth. Gas shows were encountered near the top of the Mungaroo Formation. Three cores were cut over the target from 3,879 to 4,009 metres as planned. Core recovery was high, with 100% recovery achieved for all cores.

On preliminary well data (LWD logs), gas shows have been confirmed in the Mungaroo Formation but the reservoir quality and net pay is yet to be determined. These will be further evaluated by the wire line logs which are currently being run in the well.

Forward Plan

The forward plan is to complete the wire-line logs and evaluate results prior to plugging and abandoning the well in the normal course of offshore operations. Further work will then be done in order to evaluate the commercial impact of the Tallaganda-1 well results on the Greater Tallaganda Structure.

WA-351-P Joint Venture Participants

BHP Billiton Petroleum Pty Ltd (Operator)

BHP Billiton Petroleum (Northwest Shelf) Pty Ltd                    55%

Apache Northwest Pty Ltd                                                                    25%

Tap (Shelfal) Pty Ltd                                                                                20%

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LNG World News Staff, April 11, 2012; Image: Tap Oil