Tap Oil Ltd announces Tallaganda-1 well drilling update

Wednesday, March 7, 2012
  • Commissioned in 2003, the Woollybutt field has exceeded expectations and produced 29 million barrels of oil from an estimated 40 million barrels ultimately recoverable.

Tap Oil Limited is an independent oil & gas exploration and production company with interests in Australia and South East Asia. Headquartered in Perth, Western Australia, Tap was incorporated on 14 March 1995 and subsequently listed on the Australian Securities Exchange (ASX:TAP) in September 1996. At the time, Tap's primary asset was 12.2229% of the Harriet oil and gas fields obtained from Marubeni Oil. In 1997, Tap farmed into WA-234-P and participated in the Woollybutt exploration well, resulting in a commercial oil discovery. Commissioned in 2003, the Woollybutt field has exceeded expectations and produced 29 million barrels of oil from an estimated 40 million barrels ultimately recoverable.

In 2010 Tap was formally awarded a significant interest in Offshore Accra Contract Area by the government of Ghana. Later in the year Tap acquired 75% of Northern Gulf Petroleum Pte Ltd, which holds a 40% interest three concessions in north and central Gulf of Thailand (G3/48, G1/48, G6/48). In addition, Tap has acquired a significant offshore acreage position in the Australian North West Shelf and intends to continue a measured exploration and development program over the coming years.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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