Tap completes Labatt seismic survey

Tap Oil has completed a Labatt 3D marine seismic survey within Bass Basin permit T/47P. A total of 525 sq km (203 sq mi) of full-fold prime 3D data was acquired.

Offshore staff

PERTH, Australia -- Tap Oil has completed a Labatt 3D marine seismic survey within Bass Basin permit T/47P. A total of 525 sq km (203 sq mi) of full-fold prime 3D data was acquired.

The primary aim of the survey is to mature leads in the vicinity of the Cormorant-1 well, which encountered oil in 1970, into drillable prospects. Several leads have been identified from existing 2D seismic data in this area, northwest of the Yolla oil and gas field in the adjoining permit, according to Tap Oil.

Final seismic volumes from the survey will be available for interpretation/analysis in 2Q 2008 and a rig has already been secured for two wells to be drilled on the defined prospects early in 2009.

Tap has 40% partnership in the T/47 joint venture, while SPC Production Co. has 35% stake and Jubilant Energy 25%.

02/01/2008

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