Gas reserves estimates increase for Tallaganda offshore Western Australia

Following a review of a preliminary assessment, Tap Oil Ltd. (ASX:TAP) estimates the gross volumetric recoverable gas reserves to be 500 bcf in the WA-351-P part of the Tallaganda structure offshore Western Australia.

Offshore staff

WEST PERTH, Australia –Following a review of a preliminary assessment, Tap Oil Ltd. (ASX:TAP) estimates the gross volumetric recoverable gas reserves to be 500 bcf in the WA-351-P part of the Tallaganda structure offshore Western Australia. This includes 222 bcf of P50 contingent and 278 bcf of P50 prospective resources.

Tallaganda-1 was drilled in 2Q 2012 and confirmed a gas discovery in the Triassic Mungaroo formation of the Tallaganda structure within WA-351-P. The structure straddles the adjacent WA-335-P permit to the south. A comprehensive suite of wire line logs, including formation image logs, a wire line pressure survey and formation fluid sampling program were acquired in the well.

The southern portion of the Tallaganda structure that extends into WA-335-P has not yet been drilled.

The geological assessment of the Tallaganda discovery and remaining block potential is continuing and there are no current plans to drill in WA-351-P this year.

BothWA-351-P and WA-335-P are operated by BHP Billiton Petroleum Pty Ltd. 

“We believe there are a number of other prospects on-block within the Triassic Mungaroo formation that could be considered for further drilling to aggregate additional gas volumes,” said Troy Hayden, Tap managing director and CEO. “Additional leads and prospects have also been identified in the Jurassic and Early Cretaceous section.”

1/29/2013

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