Tap Oil commences Bass Basin 3D survey

Tap Oil Limited, as operator of T/47P, advises that acquisition of the Labatt 3D Marine Seismic Survey commenced on the 1st December 2007. A total of approximately 517 sqkm of full fold data will be acquired by the PGS vessel M/V Pacific Explorer. The survey is estimated to take approximately 30 days to complete.

The primary aim of the Labatt 3D Seismic Survey is to mature the prospectivity of the western side of T/47P where the existing 2D seismic data has shown a number of potential structures in the vicinity of the Cormorant-1 well, which encountered oil in 1970.

Final seismic volumes from the survey will be available for interpretation in the second quarter of 2008 and a rig has already been secured for two wells to be drilled early in 2009.