Tap Oil Limited provides the following update of the Taunton-5/5H well to appraise the Taunton oil field, located in the TL/2 production license and TP/7 exploration permit.

Location/Proposed Depth

The Taunton oil field was discovered in 1991 by the Taunton-1 well. The field is located in the TL/2 production license and extends to the south into the TP/7 exploration permit in the offshore Carnarvon Basin, approximately 40 kilometres north-northeast of Onslow.

Taunton-5/5H will be drilled in shallow water as a deviated well in TL/2 to obtain core data through the Early retaceous reservoir section. Subsequent to this, a horizontal well will be drilled into TP/7 to evaluate potential hydrocarbon saturation and reservoir deliverability.

Hydra will not participate in the well, taking Tap's interest in the well to 13.015%.

Tags: Tap Oil Limited