Tap Oil: Bianch-1 Well Reaches 1,834m Depth (Australia)

Tap Oil, an independent oil and gas exploration company from Australia, has provided the following update of the Bianchi-1 gas appraisal well in Retention Lease WA-49-R, located off Western Australia.

During the period from 0600 hours (AWST) on 15 April 2013 to 0600 hours (AWST) on 23 April 2013, the Bianchi-1 well drilled to a depth of 1,834 metres. The forward plan is to drill ahead to the planned 17½” section Total Depth at 3,744 metres.

The well will target sandstones in a Triassic age Mungaroo Formation within a separate fault block down dip of the Zola-1/ST1 gas discovery.

The Bianchi prospect is located in the WA-49-R retention lease in the offshore Carnarvon Basin, approximately 6.4km north-north east 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 is being 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.

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Press Release, April 23, 2013