TAP tap oil limited
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SYDNEY (Dow Jones)--Australian oil and gas company Tap Oil Ltd....

  1. jmy
    64 Posts.
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    31/05/06
    15:07
    Post #: 1596922
    SYDNEY (Dow Jones)--
    Australian oil and gas company Tap Oil Ltd. (TAP.AU) said Wednesday that exploratory drilling offshore Western Australia may have located oil.

    The company said in a statement that its 50% owned Amulet-1 well in the Dampier Sub-basin has "encountered a zone of up to 26 meters (gross) which on preliminary data appears to be hydrocarbon bearing."

    It said it could not be more definitive about the encouraging intersection until it was further evaluated and expects to make a further announcement after the logging program is completed by the end of this week.

    Tap Oil shares were up 9.2% at A$1.96 around 0415 GMT.
    TAP Price at posting: 0.0¢ Sentiment: None Disclosure: Not Held
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