Tap Oil Provides Zola-1 Well Drilling Update (Australia)

 

Tap Oil Limited provides the following update on the Zola-1 exploration well, offshore Carnarvon Basin, Western Australia.

Location / Proposed Depth

The Zola-1 well is located in permit WA-290-P, immediately south of the giant Gorgon gas field in the Carnarvon Basin, Western Australia. The well is being drilled in 285m of water. The well is expected to be drilled to a target depth of approximately 5,000m.

Progress

During the period from 06:00 hours WST on 16 March 2011 to 06:00 hours WST on 23 March 2011 the free point survey was run down hole to locate the stuck drill pipe. Ultimately not all drill pipe was recovered, and it was therefore decided to sidetrack the original well in order to drill to total depth and fully evaluate the gas bearing reservoirs penetrated to-date. This sidetrack well is referred to as Zola-1 ST1.

Present operations are attempting to kick off and initiate the sidetrack well at 4,203m.

Forward Plan

Initiate and drill a sidetrack well to final total depth and evaluate all gas bearing reservoir sands encountered with wireline logs.

Background

The Zola prospect is a very large Triassic tilted fault block on trend with the giant Gorgon gas field. One of the largest undrilled structural features in the Carnarvon Basin, Zola is covered by high quality newly reprocessed 3D seismic data and is considered a moderate risk prospect. Zola is estimated by Tap to contain mean recoverable gas volumes of 1.0 trillion cubic feet with upside potential for 2.0 trillion cubic feet. The well will test the gas potential of several top and intra Mungaroo Formation sands – the primary reservoir at Gorgon. In addition it is possible that some Jurassic reservoirs may be developed flanking the main Triassic structure.

Previous drilling in WA-290-P focused on the shallower Jurassic and Cretaceous interval, resulting in the Antiope gas discovery in 2000 and the minor Lauda oil discovery in 2005.

Located close to existing and developing gas infrastructure, Zola would have multiple potential development options should it be a discovery. Any development at Zola could also encompass the overlying Antiope gas discovery (estimated at ~120 Bcf).

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Source: Tap Oil, March 23, 2011;