Tap Oil Provides Update of Starfish-1 Oil Exploration Well Offshore Ghana

Tap Oil Limited provides the following update of the Starfish-1 oil exploration well in the Offshore Accra Contract Area, Ghana.

The well is targeting a large stratigraphic trap in the deep water of eastern Ghana, interpreted to be potentially comparable to the Jubilee oil field in western Ghana. Tap estimates that the well is targeting prospective resources potentially half a billion barrels, (431 mmbbls (P50)).

Location

The Starfish prospect is located in the Offshore Accra Contract Area in offshore Ghana along the prolific offshore West African Margin. The Starfish prospect was matured following reprocessing of the original 3D seismic data and the acquisition of the new 3D survey in 2011 over the outboard deep water area.

Progress

During the period from 1400 hours (AWST) on 2 July 2013 to 1400 hours (AWST) on 9 July 2013, Starfish-1 was drilled to a final total depth of 4,380 metres. Wireline logging operations were undertaken to evaluate the hydrocarbon potential of the primary target. The Operator has commenced its preliminary analysis. Tap’s preliminary interpretation of the wireline logs and MDT data is that no movable hydrocarbons have been encountered in the well, based on the current data.

Forward Plan

The forward plan is to complete wireline logging operations and evaluation of the well data and block prospectivity. The well will be plugged and abandoned as programmed.

Press Release, July 10, 2013