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Tap Oil Limited (ASX:TAP) FINUCANE SOUTH-1A WELL DRILLING UPDATE

FINUCANE SOUTH-1A WELL DRILLING UPDATE

Tap Oil Limited (“Tap”) provides the following update on the Finucane South-1A exploration well, offshore Carnarvon Basin, Western Australia.

Location/Proposed Depth

The Finucane South-1A well is located in permit WA-191-P, in the northern end of the Carnarvon Basin. The well location is latitude 19° 18` 17.927¨ S and longitude 116° 45` 31.697¨ E. Finucane South-1A is planned to take approximately 20-25 days from spud to reach a final total depth of approximately 3,500m.

Progress

During the period from 0600 hours WST on 11 May 2011 to 0600 hours WST on 18 May 2011, Finucane South-1A drilled from 684m to 2,057m. Casing of 133/8” (340mm) has been set at 2,049m. Current operations are preparing to drill ahead in 121/4” (311mm) hole.

Forward Plan

The well will be drilled to total depth and a decision taken to plug and abandon or suspend the well.

Background

The Finucane South prospect is located at the northern end of the Carnarvon Basin, approximately 15km east of the Mutineer facility. Finucane South-1A is being drilled to identify additional resources to supplement the discovered resources contained in the adjacent Fletcher Field. Tap estimates the Finucane South prospect has a potential gross mean recoverable oil volume of 8 million barrels.

Finucane South is a moderate-sized structural closure mapped at the base of the Cretaceous regional seal. The underlying Late Jurassic Angel Formation primary target will be intersected at approximately 2,960m below sea level. Water depth at the well location is approximately 140m. Finucane South-1A is being drilled 2km SSW of the Finucane-1 well (1978) which intersected oil shows at the top of the Angel Formation despite having been drilled off structure.

Based on Finucane South-1A’s proximity to other wells in the area (notably Finucane-1 and the Fletcher oil wells) plus its coverage by reprocessed 3D seismic, the risk attached to drilling can be categorised as low-moderate.

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