Tap Oil to Begin Thailand Drilling Campaign Next Week

Tap Oil Limited (Tap) announces details of the exploration prospects to be drilled in the upcoming Gulf of Thailand drilling campaign commencing as early as next week.

Three exploration wells are expected to be drilled in the 2012 program: two wells in the G1/48 concession, Northern Kra Basin and one well in the G3/48 concession, southern Sattakut Basin. These wells form part of a larger exploration campaign in the region for Mubadala Petroleum. The operators of G1/48 (Pearl Oil (Amata) Ltd) and of G3/48 (Pearl Oil (Aoa) Ltd) are both Mubadala Petroleum affiliates.

The first well will be Manora-5 in G1/48 which is expected to spud on 4 October 2012 and reach target depth of approximately 2,450 metres true vertical depth within 15 days. The well is three kilometres north of the Manora Oil Development and will test a separate geological structure.

The rig will then move to the G3/48 concession in early November to commence drilling the Pathum-1 prospect.

The third and final well will be Manora North-1, the second well in the G1/48 concession. This well is expected to commence in December.

Tap’s Managing Director/CEO, Troy Hayden said:

“The commencement of the drilling program in Thailand is an important event for Tap and will generate significant activity over the coming months. The current program, which will be fully funded from cash reserves, provides Tap with material exposure to a series of attractive prospects.

We see significant long-term exploration potential in our Thailand acreage and this program provides an opportunity to consolidate Tap’s regional position and extract further value from our Thailand acquisition.”

The G1/48 wells will target Manora style prospects and test synrift lacustrine sands which are the primary hydrocarbon bearing reservoirs in the Manora field. Secondary targets exist in the overlying fluvial section. Some of these sands are oil bearing at the Manora field.

While the G1/48 wells are both located within the North Kra Production Area, both prospects are separate exploration targets and are not part of the existing Manora field, nor included in the calculation of Manora reserves or resources.

The Pathum-1 well in the G3/48 concession will test the petroleum potential of fluvial section as the primary target in the southern Sattakut Basin.

Press Release, September 28, 2012

 

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