LEVEL 1, 47 COLIN STREET WEST PERTH WA 6005 AUSTRALIA PO BOX 1783 WEST PERTH WA 6872 TEL +61 8 9485 1000 FAX +61 8 9485 1060 Email [email protected] www.tapoil.com.au 10425-1 15 September 2005 The Company Announcements Platform Australian Stock Exchange Exchange Centre 20 Bond Street SYDNEY NSW 2000 OIL DISCOVERY ARTREUS-1 EXPLORATION WELL Location Artreus-1 is located in TL/6 and is being drilled from the existing Harriet Joint Venture Agincourt Platform at a surface location of latitude 20°40' 07.59" S and longitude 115°30' 51.61"E. The bottom hole objective location lies approximately 2.8 kilometres southeast of the surface location. Progress Artreus-1 spudded on 9 September 2005 and today reached a total depth of 4,046 metres measured depth. Preliminary log analysis indicates the well has encountered a 12.5m gross oil column at the Double Island Sandstone objective. Tap Comment Although oil reserves are yet to be calculated for the Artreus structure, this initial result is very encouraging, with the oil column height consistent with pre-drill expectations. Options are currently being evaluated for a rapid development of the Artreus accumulation. TL/6 Joint Venture Participants: Tap Oil 12.2229% Apache Northwest Pty Ltd (Operator) 68.5% Kufpec Australia Pty Ltd 19.2771% Details of Tap's well programme within the HJV and elsewhere are summarised on the Tap website at www.tapoil.com.au. Enquiries to: Paul Underwood (Managing Director/CEO) Telephone: (08) 9485 1000 Email: [email protected]: www.tapoil.com.au 10425-1 Offshore Carnarvon Basin Lansdowne-1, Artreus-1 & Bambra-7H Wells Artreus-1 Harriet “B” Platform South Plato Platform Bambra-7HLansdowne-1 Agincourt Platform
TAP Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
