Tap Oil Limited provide Pathum-1 exploration well – final drilling update

Wednesday, Dec 19, 2012

Tap Oil Limited (ASX: TAP) provides the following update on the Pathum-1 exploration well. The Pathum-1 exploration well is the third and final well in Tap’s 2012 Gulf of Thailand exploration drilling program.

Location/Proposed Depth

The Pathum-1 exploration well is located in the G3/48 concession within the southern Sattakut Basin, some 41 kilometres north west of the existing Manora field. The well was drilled in shallow water by the jack-up rig ENSCO 85, and tested the petroleum potential of the fluvial section in the southern Sattakut Basin.

Progress

During the period from 0600 hours WST on 17 December 2012 to 0600 hours WST on 19 December 2012, the Pathum-1 exploration well reached final total depth of 2,642 metres MDRT with no evidence of significant hydrocarbons being encountered based on the data obtained while drilling (which includes a full suite of logging while drilling).

Forward Plan

The forward plan is to run a basic suite of wire line logs before the well is plugged and abandoned. The Pathum-1 exploration well will cost Tap approximately $2.2 million (30% participating interest plus 10% NGP carry).

Up to three exploration wells are expected to be drilled in Tap’s 2013 Gulf of Thailand exploration drilling program, with drilling anticipated to commence in the second half of 2013.

Source: Tap Oil

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