Tap Oil announces Tallaganda-1 well drilling update

Wednesday, Mar 14, 2012

Tap Oil Limited (ASX Code: TAP) provides the following 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 is being drilled in 1,141 m of water and the primary Mungaroo Formation target will be intersected at approximately 3,800 m below sea level.  Additional Mungaroo targets will see the well drilled to a depth of approximately 4,250 m below sea level.

Progress

During the period from 0600 hours WST on 7 March 2012 to 0600 hours WST on 14 March 2012, testing of the blowout preventers (BOP) was completed.  Due to a potential developing cyclone, operations were suspended on 8 March and the rig has been secured and 
de-manned.

Forward Plan

On resumption of operations, the well will be drilled ahead in 311.15 mm (121/4”) hole to test the primary and secondary targets.  Following evaluation the well will be plugged and abandoned in the normal course of offshore operations.