Tap Oil provided the following update on Santos' Finucane South-1A exploration well, offshore Carnarvon Basin, Western Australia.

Logs have confirmed the well is a new field oil discovery encountering some 18.5m of excellent quality net oil pay in the Late Jurassic Angel Formation. The interpretation is based on both LWD (Logging While Drilling) and wireline logs, including pressure testing and sampling over the target interval. Early evaluation indicates the discovery could exceed the pre-drill mean estimate of 8 million barrels.

Location The Finucane South-1A well is located in permit WA-191-P, in the northern end of the Carnarvon Basin. The well location is latitude 19° 18' 17.927" S and longitude 116° 45' 31.697" E.

Progress During the period from 06:00 hours WST on May 25, 2011 to 19:00 hours WST on May 30, 2011 the corrosion cap was set over Finucane South-1A with the well suspended. The rig was then ASXskidded over to the Finucane South-1 location and abandonment completed. The rig was released at 19:00 hours on May 30, 2011.

Tags: Tap Oil Limited