Appraisal drilling of Belait field ONSHORE (8-64 mmboe) in...

Appraisal drilling of Belait field ONSHORE (8-64 mmboe) in Brunei commencing in July, 2 ONSHORE WELLS, Tap 39%, Operator; Brunei- Mawar, LOW RISK. RESOURCE 3.5 mmbbl, EXISTING 2P 75%, Mawar-1 testing up to 9 mmbbl compartment;
WA-290-P: Zola High Impact Gas Exploration Well (Tap 10%), Zola targeting ~1Tcf (recoverable), Proven Triassic play type, immediately south of Gorgon field, Proven gas trend, Tap expect to drill end 2010/11;
WA-351-P Low risk gas exploration for LNG (Tap 25%), BHP Billiton Petroleum (Northwest Shelf) Pty Ltd 55% (Operator), Success-case permit potential of 2-3 Tcf (gross) in a proven LNG gas province, Maturation of leads ongoing for potential drilling in 2011;

Harriet Joint Venture regeneration through exploration (Tap 12.22%), Multiple prospects currently being evaluated with plans underway for drilling of up to 4 of these in 2010, Targeting incremental reserves;, Apache Northwest Pty Ltd 68.5% (Operator), HJV Current Production rates, Gas ~ 85 mmscf/d, Oil ~ 4,800 bbl/d;
Woollybutt Oil Field
(Tap 15%), Production returned to rates of approximately 8000 bopd by 8 April;
Contracted Third Party Gas, Tap secured ~31 Bcf of gas in 2005 from the John Brookes JV (JBJV) at 2005 prices, The forward value of these contracts to Tap, post-tax and discounted at a rate of 10%, is now A$75 million;

T/47P (40%) Moderate risk oil well drilling program on the way;

Cash of A$61 million (as at 31 March 2010) and no debt, Potential for ten fold increase in reserves from above program;

SHARES 156.5M, MC $128.3M @$0.82 PS; at a market capitalisation of less than $130m, there is room for substantial share price appreciation (Just count Contracted Third Party Gas A$75 million + cash A$61 million, which is more than current market capital A$128.3 million, plus oil & gas product ~2270 BOE/D).