OIL DISCOVERY AT FINUCANE SOUTH - DRILLING UPDATE
Tap Oil Limited (“Tap”) is pleased to announce that the Finucane South-1A well is a new field oil discovery encountering some 18.5m of excellent quality net oil pay in the Late Jurassic Angel Formation. Early evaluation indicates the discovery could exceed the pre-drill mean estimate of 8million barrels.
Tap’s Managing Director/CEO Troy Hayden said:
“The oil discovery at Finucane South-1A makes our exploration success rate for 2011 two out of two following the significant gas discovery at Zola earlier in the year.
The discovery also reinforces our strategy of focusing on monetising our assets in our three core areas, being the Carnarvon Basin, where we also have Zola and WA-351-P, Gulf of Thailand and Ghana.”
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.
During the period from 0600 hours WST on 18 May 2011 to 0600 hours WST on 25 May 2011, Finucane South-1A drilled from 2,057m to final total depth of 3,190m. Wireline logs were then run successfully.
Logs confirm 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.
After completion of the evaluation program the well will be suspended.
Suspend the well and release rig.
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