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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.
 
Logs have confirmed the well is a new field oil discovery encountering some 18.5m of excellent quality net oil pay in the Late Jurassic Angel Formation. The interpretation is based on both LWD (Logging While Drilling) and wireline logs, including pressure testing and sampling over the target interval. Early evaluation indicates the discovery could exceed the pre-drill mean estimate
of 8 million barrels.
 
Location 

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.
 
Progress
 
During the period from 06:00 hours WST on 25 May 2011 to 19:00 hours WST on 30 May 2011 the corrosion cap was set over Finucane South-1A with the well suspended. The rig was then skidded over to the Finucane South-1 location and abandonment completed. The rig was released at 19:00 hours on 30 May 2011.
 
There will be no further drilling updates for the Finucane South-1A well.
 
Background
 
The Finucane South discovery is located at the northern end of the Carnarvon Basin, approximately 15km east of the Mutineer facility. Finucane South-1A was drilled to identify additional resources to supplement the discovered resources contained in the adjacent Fletcher Field.
 
Finucane South is a moderate-sized structural closure mapped at the base of the Cretaceous regional seal. Water depth at the well location is approximately 140m. Finucane South-1A was 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.
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