tallagands update ann out - text attached

thoughts on ann below???

18 April 2012
The Company Announcements Platform Australian Securities Exchange Exchange Centre
20 Bond Street
SYDNEY NSW 2000
TALLAGANDA-1 WELL FINAL DRILLING UPDATE
Tap Oil Limited
ABN 89 068 572 341
Level 1, 47 Colin Street West Perth WA 6005 Australia
T: +61 8 9485 1000 F: +61 8 9485 1060 E: [email protected]
www.tapoil.com.au
Tap Oil Limited (ASX Code: TAP) provides the following final update on the Tallaganda-1 exploration well in permit WA-351-P offshore Carnarvon Basin, Western Australia.
Location / Proposed Depth
The Tallaganda-1 well is located within permit WA-351-P, of the Carnarvon Basin, Western Australia. The well was drilled in 1,141 metres of water to a final total depth of 4,365 metres MDRT.
Progress
During the period from 0600 hours WST on 11 April 2012 to 0600 hours WST on 18 April 2012, a comprehensive suite of wire line logs including formation image logs, a wire line pressure survey and formation fluid sampling program were acquired in the well.
The preliminary analysis of the wire line log data and the recovery of gas from wire line sampling have confirmed a gas discovery in the Mungaroo Formation. The preliminary interpretation of well results confirms that Mungaroo reservoir quality over the gas bearing interval penetrated in the well is variable at this location on the Greater Tallaganda Structure. Further analysis is required to assess the commercial viability of the project.
Forward Plan
The forward plan is to plug and abandon the well as is the normal course of offshore operations. This will be the last update until the operator completes its evaluation of the well results.
WA-351-P Joint Venture Participants
BHP Billiton Petroleum Pty Ltd (Operator)
BHP Billiton Petroleum (Northwest Shelf) Pty Ltd 55% Apache Northwest Pty Ltd 25% Tap (Shelfal) Pty Ltd 20%