TAP OIL LIMITED - ASX: TAP

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Description

Tap Oil Limited is an independent oil & gas exploration and production company with interests in Australia and South East Asia. Headquartered in Perth, Western Australia, Tap was incorporated on 14 March 1995 and subsequently listed on the Australian Securities Exchange (ASX:TAP) in September 1996. At the time, Tap’s primary asset was 12.2229% of the Harriet oil and gas fields obtained from Marubeni Oil. In 1997, Tap farmed into WA-234-P and participated in the Woollybutt exploration well, resulting in a commercial oil discovery. Commissioned in 2003, the Woollybutt field has exceeded expectations and produced 29 million barrels of oil from an estimated 40 million barrels ultimately recoverable. In 2006, Tap expanded its focus to include South East Asia by acquiring interests in the Philippines and Borneo. In addition, Tap has acquired a significant offshore acreage position in the Australian North West Shelf and intends to continue a measured exploration and development program over the coming years.

Carnarvon Basin (North West Shelf, WA)

From inception Tap’s primary focus has been the Carnarvon Basin where the company is active in both the Harriet Joint Venture (HJV) and the Woollybutt Joint Venture (WJV). These projects provide Tap with 100% of its current production.

Exploration occurs in more than 20 permits including the exciting WA-351-P permit. WA-351-P has the potential to deliver 2-3TCF (gross) in the success case. Hess' continuing run of success (nine discoveries from eleven wells) in the adjacent WA-390-P immediately north of WA-351-P is testament to the potential of the area.

Tap also holds the WA-290-P permit (Tap 10% after farmout) immediately South of the Gorgon field. WA-290-P contains the Zola gas discovery drilled in 2010/2011 which is likely to contain in excess of 2Tcf of gas.

In WA-191-P the Fletcher oil discovery which was dirilled in 2007 and appraised by three wells in 2008-2009 is a moderate size oil accumulation. There are a number of nearby prospective features, of which Finucane South is likely to be drilled early in 2011.

Bass Basin T/47-P, Tasmania (Tap 75% Operator)

Tap has recently acquired 2D and 3D seismic data over the T47 P permit and has identified a number of 10-50 mmstb oil prospects and leads. Interpretation of the 2007-2008 seismic surveys and various supporting geological studies resulted in the delineation of several prospects.

Block M, Brunei (3,100sq km 39% & Operator)

Block M covers an area of approximately 3,011sq km in the prolific Baram Delta Basin and is the largest onshore permit in Brunei. The block contains the Belait anticlinal trend along which hydrocarbon seeps occur and oil and gas have been encountered in previous drilling. Tap became the Operator of the Block M Joint Venture in April 2008 and acquired both 2D and 3D seismic data in 2009. Additional 3D seismic acquisition was acquired and two wells were drilled during 2010.

Rangkas Block, Indoneisa (3,977sq km 24%)

The Rangkas Block is located onshore west Java, approximately 30km southwest of Jakarta. Previous exploration seismic and drilling in the block, along with the presence of surface oil seeps, indicates the presence of an active petroleum system.

Recent reviews of the block, including seismic reprocessing, resulted in Tap and its joint venture partners concluding that the previous wells were not valid tests of the prospectivity and that there is significant untested potential, including previously unrecognised deep targets analogous to proven production in adjacent blocks.

A number of leads have been identified on existing 2D seismic data which were the target of a 474 km 2D seismic survey recently acquired.

Thailand - G1/48, G3/48 & G6/48 (31,000sq km) Tap 75% owner of Northern Gulf Petroleum Pte Ltd (NGP)

Tap acquired 75% of the shares in NGP on 14 October 2010. NGP holds a 40% working interest in three concessions in the north and central Gulf of Thailand (G1/48, G3/48 and G6/48).

The G1/48 concession contains the Manora field which is currently estimated as a 24 mmbbl resource. The Manora discovery in late 2009 opened up a new oil play in the northern Gulf of Thailand. The G1/48 joint venture is targeting Final Investment Decision (FID) in the first half of 2012 and first production in early 2014. Manora-1 tested at cumulative flow rates of over 9,000 barrels of oil per day (bopd) from three zones.

The G6/48 concession contains the Rossukon discovery, also made in 2009. The Rossukon well tested at 890 bopd from a single zone. 3D seismic data acquisition is planned for this area in 2011.

All three concessions are operated by Pearl Energy who is a very experienced international operator. In the Gulf of Thailand, Pearl operates the nearby Jasmine field. In addition to the Manora and Rossukon discoveries, there are 17 exploration features with 200 mmbbls of cumulative unrisked potential across the 31,000 km2 covered by the three concessions. There is an active exploration and appraisal program in place with up to eight wells planned for the next 18 months.

Offshore Accra, Ghana (2,000sq km 36% Operator)

The Offshore Accra Contract area is located to the southeast of Accra, the capital of the Republic of Ghana, in water depths ranging from less than 50 metres to greater than 2,500 metres.

One of the world’s largest oil discoveries in 2007, Kosmos Energy and Tullow Oil’s 1.2 billion barrel Jubilee is located in the adjacent and analogous basin which also forms part of the West African Transform Margin.

3D seismic was acquired over the deep water section of the block early in 2010. This seismic is presently being processed and vintage seismic reprocessed with a view to maturing a prospect for drilling in 2012.

Mine For

oil, gas

Location of operation(s)

Indonesia, Thailand, Ghana, Brunei, Western Australia, Tasmania

Australian Basins

Carnarvon, Bass

Address

Level 1 , 47 Colin Street
WEST PERTH, WA, AUSTRALIA

Phone

(08) 9485 1000

Email

Website

http://www.tapoil.com.au/

Last Updated

12/5/2011