cyrano-1 oil discovery asx announcement

Cyrano-1 Oil Discovery

Document date: Tue 25 Mar 2003 Published: Tue 25 Mar 2003 11:19:51
Document No: 235028 Document part: A
Market Flag: Y
Classification: Progress Report
TAP OIL LIMITED 2003-03-25 ASX-SIGNAL-G

HOMEX - Perth

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In accordance with Listing Rule 3.1, Tap Oil Limited (Tap) provides
an update on the Cyrano-1 exploration well which spudded at 08:15
hours on Friday 21st March 2003.

LOCATION

The well is located in EP 364, 13 kilometres east southeast from the
oil storage and offloading facilities at Airlie Island, at latitude
21deg21'34.15"S and longitude 115deg17'9.43"E.

PROGRESS

Cyrano-1 has reached a total depth of 769 metres measured depth.

Electric logs indicate that Cyrano-1 has intersected a 29 metre
gross hydrocarbon column. Formation pressure and fluid samples
indicate a 19 metre gross gas column in the Lower Cretaceous Mardie
Greensands and a 10 metre gross light oil column at the top of the
Barrow/Birdrong Sands.

The well has now been plugged and abandoned as per programme.

TAP COMMENT

The successful result of this well is in line with the pre-drill
prognosis. The data will now be reviewed and integrated to determine
the quality of the reservoir and quantify the size of the resource.

Whilst this is a small discovery, it's potential to be commercially
developed will be enhanced by its proximity to infrastructure at
Airlie Island and the recently discovered Nasutus Oil Field some 4
kilometres to the northeast.

JOINT VENTURE PARTICIPANTS IN THE DRILLING OF THE WELL ARE:

Tap Oil Limited 100%

Westranch Holdings Pty Ltd (a subsidiary of Norwest Energy NL), who
hold a 10% interest in the permit, elected not to participate in the
drilling of this well.


M Dagostino
COMPANY SECRETARY

why didnt NWE participate in the drilling of this project does anyone know? and will they get anything if they decide to go in production later?
anyhow the market seemed to like this ann as NWE went up .004 or nearly 10% today


JOHN ^_^