Tap Oil: Ensco 104 Starts Drilling at Taunton Field (Australia)

Australia’s Tap Oil Limited announces that at 0630 hours (AWST) on 15 April 2013 the Ensco 104 rig commenced drilling the Taunton-5/5H well to appraise the Taunton oil field, located in the TL/2 production license and the TP/7 exploration permit.

Taunton-5/5H will be drilled in shallow water as a deviated well in TL/2 to obtain core data through the Early Cretaceous reservoir section. Subsequent to this, a horizontal well will be drilled into TP/7 to evaluate potential hydrocarbon saturation and reservoir deliverability. A successful well outcome will assist in understanding the potential to commercialise this undeveloped field.

The Taunton Field was discovered in 1991 by the Taunton-1 well. The field is located in the Apache-operated TL/2 production license and extends to the south into the TP/7 exploration permit in the offshore Carnarvon Basin, approximately 40 kilometres north-northeast of Onslow.

The well is expected to take 40 days (trouble free) to drill with a projected true vertical total depth of approximately 1,400 metres. Hydra will not participate in the well, taking Tap’s interest in the well to 13.015%. Tap’s cost for the well is expected to be approximately A$5 million.

The forward plan is to drill ahead to core point.

Tap’s Managing Director/CEO, Troy Hayden said:

“These permits have been in Tap’s portfolio for some time, and the drilling of the Taunton appraisal well is an opportunity to prove up additional resources in the oil field. This will provide greater clarity on potential development options and timing.”

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April 15, 2013