Tap Oil Announces Oil Discovery at Malida-1, Thailand

Tap Oil Limited announces an oil discovery at Malida-1. Following the completion of wireline logging operations, 9.5 metres of net oil pay has been interpreted in reservoir quality sandstone within the primary target between 2,396 to 2,412 metres measured depth for the well.

This interpretation is supported by the recovery of several oil samples taken on wireline testing over this interval.

The confirmation of an oil discovery at Malida-1 enhances the exploration potential of a fairway between the Manora oil field and the new Malida-1 oil discovery for further drilling. A number of leads and prospects are recognised in this area on 3D seismic data. Subject to further successful drilling to aggregate additional resource volumes, there is potential to tie discoveries back to the Manora facility.

The Joint Venture has agreed to plug and abandon Malida-1 and conduct a sidetrack well, Malida-1 ST1(A), in order to test a separate structure adjacent to the structure tested by Malida-1. If successful, these volumes will form part of the aggregation strategy.

The Malida-1 exploration well is located in the G1/48 concession in the Gulf of Thailand approximately 5 kilometres northeast of the Manora oil development. Mubadala Petroleum is the operator of G1/48.

Press Release, December 02, 2013