New 3D to follow Tap Ghana studies

Tap Oil Ltd. now plans acquisition of a 3D seismic survey starting in December over its offshore Ghana acreage following the promise of added potential in deeper waters highlighted in an earlier 2D study.

Offshore staff

WEST PERTH, Australia – Tap Oil Ltd. now plans acquisition of a 3D seismic survey starting in December over its offshore Ghana acreage following the promise of added potential in deeper waters highlighted in an earlier 2D study.

Tap says interpretation of the 2D data indicated potentially significant structural trends and several stratigraphic features similar to other producing areas along the West African Transform Margin. Rather the more 2D acquisition as required in the agreement, the decision was made to go directly to 3D to move the area into a “drill-ready” status. Then, plans are to start drilling in late 2011 or early 2012.

At the end of the survey, which will cover an approximately 1,230

sq km (475 sq mi), approximately 80% of the permit will be covered by new or reprocessed 3D seismic data, according to Tap.

The offshore contract area, southeast of Ghana’s capital Accra, covers an area of 2,000 sq km (772 sq mi) in water depths ranging from less than 50 m (164 ft) to greater than 2,500 m (8,202 ft)

The Petroleum Agreement between Tap Oil (Ghana) Ltd. with 36% and its Joint Venture partners, the Republic of Ghana and the Ghana National Petroleum Co. with 10%, AFEX Oil (Ghana) Ltd. at 27%, and Challenger Minerals (Ghana) Ltd. with 27%.

11/10/2010

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