Tap Oil abandons Zola well

Tap Oil Limited (ASX Code: TAP) provides the following update on the Zola-1 exploration well, offshore Carnarvon Basin, Western Australia.

The Zola-1/Zola-1 ST1 well is located in permit WA-290-P, immediately south of the giant Gorgon gas field in the Carnarvon Basin, Western Australia. The well is being drilled in 285m of water. 

Data gathered to date in Zola-1 and Zola-1 ST1 has confirmed a significant gas discovery in the Mungaroo formation. The well results indicate that volumetrically the greater Zola structure could be at the upper end of Tap’s pre drill estimates of 1 – 2 Tcf.

Progress

During the period from 06:00 hours WST on 13 April 2011 to 06:00 hours WST on 20 April 2011 the wireline logging program was completed and the well is currently being plugged and abandoned as planned.

Forward Plan

Complete the plugging and abandonment of the well as planned and release the rig.

Barring any unforeseen circumstances, this will be the last Zola-1 Well Drilling Update.

Background

The Zola prospect is a very large Triassic tilted fault block on trend with the giant Gorgon gas field and was one of the largest undrilled structural features in the Carnarvon Basin. The well is testing the gas potential of several top and intra Mungaroo formation sands – the primary reservoir at Gorgon.

Located close to existing and developing gas infrastructure, Zola could have multiple potential development options.  Any development at Zola could also encompass the overlying Antiope gas discovery (estimated at ~120 Bcf).

WA-290-P Joint Venture Participants

Tap (Shelfal) Pty Ltd	10.00%
Apache Northwest Pty Ltd (Operator)	30.25%
Santos Offshore Pty Ltd	24.75%
OMV Australia Pty Ltd	20.00%
Nippon Oil Exploration (Dampier) Pty Ltd	15.00%

Zola-1 Location Map