Australia: Tap Oil Limited Weekly Drilling Operations and Schedule Update

Tap Oil Limited provides the following information on the Mawar-1 exploration well, onshore Brunei Darussalam, the Zola 1 well in permit WA-290-P offshore Western Australia and the Craigow-1 well in the offshore Bass Strait T47P permit.

Mawar-1 and Markisa-1 – Block M, Brunei Tap 39%, Operator

Mawar-1 drilling has progressed to 580 metres Measured Depth and is currently proceeding according to program.

Mawar-1 is planned to drill to a total depth of approximately 1300 metres Measured Depth and is planned to take an additional 15 days to reach the total well depth. Further updates will be issued as the well progresses.

Upon completion of drilling at Mawar-1 the rig will move to the Markisa-1 location.

Zola-1 – WA-290-P – Carnarvon Basin, Australia Tap 10%, Apache Operator

The scheduled drilling of the 45 day Zola-1 well has been delayed until November 2010. The operator, Apache North West has advised the WA-290-P Joint Venture of this delay due to an additional well being added to the schedule of the Stena Clyde drill rig ahead of Zola-1.

Craigow-1 – T/47P – Bass Basin, Australia Tap 75%, Operator

The Craigow-1 well in T/47P is on the rig schedule of the Kan Tan IV rig which is currently drilling in New Zealand for AWE. The rig schedule includes several more wells and mobilisation to Australia for another well before arriving at Craigow-1. On current estimates the rig should be commencing Craigow-1 in December 2010.

Tap Comment

Tap Chief Executive Officer Peter Stickland said that commencing drilling in Brunei is a significant start to an active next few months of drilling in a range of medium and high impact wells.

[mappress]

Source: Tapoil, September 3, 2010