Drilling Continues at Apache’s Bianchi Prospect (Australia)

June 27, 2013

Tap oil, an independent oil and gas company from Australia, has announced that drilling operations for the 8½” (216mm) section continued at the Apache-operated Bianchi well.

The well was drilled to a depth of 5,302 metres. The Joint Venture has agreed to deepen the well and drill to a new total of at least 5,322 metres.

The forward plan is to continue drilling the 8½” (216mm) hole to the final total depth, and then commence a comprehensive wire line logging program to evaluate the well.

The Bianchi prospect is located in the WA-49-R retention lease in the offshore Carnarvon Basin, approximately 6.4km north-northeast of the Zola-1/ST1 gas discovery and 20.8km south-southwest of the Gorgon-1 gas discovery well.

The Bianchi fault block is one of a series of adjacent structures that form the greater Zola area. The prospect was matured following interpretation of the Cambozola 3D seismic survey in 2012.

The well will be drilled as a vertical well in a water depth of 240 metres and is expected to take 80 days (trouble free) to drill to a projected total depth of 5,200 metres. Tap’s cost for the well is expected to be approximately A$8 million.

[mappress]
June 27, 2013