oil discovery at malida-1

Oil find has been confirmed and there is also a potential to tie discoveries back to the Manora facility!

Tap Oil Limited (ASX: TAP) is pleased to announce 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.

Source: http://newsstore.fairfax.com.au/apps/previewDocument.ac?sy=smh&ss=SMH&docID=GCA01472782TAP&backTo%3Dhttp%3A%2F%2Fmarkets.smh.com.au%2Fapps%2Fqt%2Fquote.ac%3Fcode%3Dtap%26section%3Dca&f=pdf