FINUCANE SOUTH-1 WELL TO FOLLOW ZOLA-1

Tap Oil Limited (“Tap”) is pleased to advise that Santos, the operator of the WA-191-P joint venture, has advised that the Finucane South-1 exploration well will be drilled using the Stena Clyde semi-submersible drilling rig immediately following the conclusion of rig operations on the Zola-1 well (WA-290-P).

The Finucane South prospect is located at the northern end of the Carnarvon Basin, approximately 15km east of the Mutineer facility. Finucane South-1 will be drilled to potentially 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-1 will be 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-1’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 with drilling can be categorised as low-moderate.

Finucane South-1 is expected to commence within a week and is planned to take approximately 20-25 days to reach a final total depth of around 3,500 metres.   Weekly updates will be provided during drilling operations.

Source: Tap Oil