23 March 2011The Company Announcements PlatformAustralian...

23 March 2011
The Company Announcements Platform
Australian Securities Exchange
Exchange Centre
20 Bond Street
SYDNEY NSW 2000
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
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ZOLA-1 WELL DRILLING UPDATE
Tap Oil Limited (ASX Code: TAP) provides the following update on the Zola-1 exploration well, offshore
Carnarvon Basin, Western Australia.
Location / Proposed Depth
The Zola-1 well is located in permit WA-290-P, immediately south of the giant Gorgon gas field in the
Carnarvon Basin, Western Australia. The well is being drilled in 285m of water. The well is expected to
be drilled to a target depth of approximately 5,000m.
Progress
During the period from 06:00 hours WST on 16 March 2011 to 06:00 hours WST on 23 March 2011 the
free point survey was run down hole to locate the stuck drill pipe. Ultimately not all drill pipe was
recovered, and it was therefore decided to sidetrack the original well in order to drill to total depth and
fully evaluate the gas bearing reservoirs penetrated to-date. This sidetrack well is referred to as Zola-1
ST1.
Present operations are attempting to kick off and initiate the sidetrack well at 4,203m.
Forward Plan
Initiate and drill a sidetrack well to final total depth and evaluate all gas bearing reservoir sands
encountered with wireline logs.
Background
The Zola prospect is a very large Triassic tilted fault block on trend with the giant Gorgon gas field and
was one of the largest undrilled structural features in the Carnarvon Basin. The well is testing the gas
potential of several top and intra Mungaroo Formation sands ? the primary reservoir at Gorgon. In
addition it is possible that some Jurassic reservoirs may be developed flanking the main Triassic
structure.
To date the well has encountered gas saturated sands in the interval from 4,197m to 4,671m, with over
120m (true vertical thickness) of potential gas saturated, reservoir quality sandstone likely present (based
on mudlog and limited LWD data). The gas sands are largely contained in three thick Mungaroo
Formation channel sand packages. At this stage it is not known if the gas sands are discrete individual
accumulations or part of a single accumulation.
Data gathered to date, although still preliminary, is indicating that volumetrically the greater Zola structure
could be at the upper end of Tap?s pre drill estimates of 1 ? 2 Tcf.
Located close to existing and developing gas infrastructure, Zola could have multiple potential
development options. Any development at Zola could also encompass the overlying Antiope gas
discovery (estimated at ~120 Bcf).