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Spudding of Crackling South-1 Exploration Well

Announced by: TAP OIL LIMITED (TAP)
Announced on: 27/03/2003 16:19:04
Part: A
Words: 268
Status: Market sensitive (Y)
Related Companies: WEST OIL NL (WON)



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TAP OIL LIMITED 2003-03-27 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
In accordance with Listing Rule 3.1, Tap Oil Limited ("Tap") advises
that the Crackling South-1 exploration well spudded at 00.00 hours on
27 March 2003.

LOCATION

The well is located in EP 341, 60 kilometres south of Varanus Island
(31 kilometres east north-east of Airlie Island) at latitude
21deg12c25.92(2)S and longitude 115deg33c07.76(2)E.

PROGRESS

At 6:00am today, the Crackling South-1 well had drilled to a depth of
259 metres measured depth and was preparing to run 13 3/8" (340mm)
casing. The well is expected to take 3 days to reach the proposed
total depth of 487 metres measured depth.

TAP COMMENT

The Crackling South exploration well is a follow up to oil shows
intersected in an adjacent well, Crackling-1, over a 22 metre
interval within lower Cretaceous glauconitic sandstones, situated 1
km to the northeast. This well which was drilled in 1993, was not
tested at that time to determine if moveable hydrocarbons were
present. However, advances in production technology since then, in
particularly horizontal drilling, have enabled apparently similar
reservoirs to be successfully developed elsewhere within the
Carnarvon Basin.

The target horizon in Crackling South-1 comprises lower Cretaceous
Mardie Greensand at a depth of approximately 350 metres. Although the
Mardie Greensand generally has good porosity, it has low permeability
due to the presence of glauconite clay.

The prospect has the potential to contain a mean volume of 30 million
barrels of recoverable oil.

JOINT VENTURE PARTICIPANTS

Participants are:

Tap Oil Limited (Operator) 50.0%
Apache Energy Limited 22.5%
West Oil N.L. 22.5%
Strike Oil N.L. 5.0%