zola-1 well drilling update

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.
The Zola-1/Zola-1 ST1 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.
Data gathered to date in Zola-1 and Zola-1 ST1 has confirmed a significant gas discovery in the
Mungaroo formation. The well results indicate that volumetrically the greater Zola structure could be at
the upper end of Tap?s pre drill estimates of 1 ? 2 Tcf.
Progress
During the period from 06:00 hours WST on 30 March 2011 to 06:00 hours WST on 6 April 2011 the
sidetrack well, Zola-1 ST1, was drilled ahead in 216 mm (81/2?) hole to 4,737m. An intermediate wireline
logging program was undertaken due to the possible development of a cyclone. Formation pressures and
sampling data have now been successfully acquired via MDT (Modular Formation Dynamics Tester)
across all the three main gas bearing sandstones previously reported and confirm the well has
intersected in excess of 100m of net gas pay in the Mungaroo formation with excellent reservoir
characteristics.
The potential for a cyclone dictated that the well be temporarily suspended and the rig secured and
evacuated. However the cyclone failed to develop as forecast which has allowed for the early resumption
of operations to drill ahead to final total depth.
As of this morning the rig was preparing to recommence the drilling of the well to final total depth.
Forward Plan
Resume operations and drill ahead to final total depth.
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.
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)