Tap to buy Woodside's 8.2% stake in WA-191-P

Australia's Tap Oil Ltd. has entered into an agreement with Woodside Energy Ltd. to acquire 8.2% interest in the WA-191-P concession in the Carnarvon basin.

Offshore staff

PERTH, Western Australia -- Australia's Tap Oil Ltd. has entered into an agreement with Woodside Energy Ltd. to acquire 8.2% interest in the WA-191-P concession in the Carnarvon basin.

WA-191-P holds a number of prospects and leads, including the Totem prospect, 4 km (2.5 mi) northeast of Tap's Amulet field in WA-8-L permit, and is nearby the Exeter-Mutineer oil development.

The interest in WA-191-P enhances the potential of developing the Amulet discovery in combination with the Totem discovery, Tap says.

The Totem-1 well is to be drilled in the second quarter of this year, followed by a second exploration well, Fletcher-1, around mid-year.

Santos Ltd. operates WA-191-P with 33.4% interest. Partners include Kufpec Australia Pty. Ltd. with 33.4% interest, Nippon Oil Exploration (Dampier) Pty. Ltd. with 25% interest, and Tap Oil Ltd. with 8.2% interest.

3/28/2007

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