Offshore staff

PERTH, Western Australia -- Tap Oil Ltd. has been awarded block T06-3 in the Bass basin between the Tasmanian and Victorian mainland. The block, which covers 2,890 sq km (1,116 sq mi), contains the Cormorant oil and condensate discovery and lies approximately 20 km (12 mi) north of the Yolla gas-condensate discovery.

The work program comprises initial seismic acquisition followed by two wells.

Tap believes T06-3 has significant hydrocarbon potential. While investigating the Cormorant field, the joint venture will also move forward with the acquisition of new seismic data to identify additional structures, with a view to drilling in the next year, Tap says.

Tap operates the block with 40% interest. Partners include Jubilant Energy Ltd. with 35% interest and Singapore Petroleum Co. Ltd. with 25% interest.

2/21/2007