Tap Oil Limited (Tap) provides the following information for the Marley-2 exploration well.

The Marley-2 exploration well is located in permit TL/5, part of the Harriet Joint Venture, at a surface location of latitude 20°25'24.00"S and longitude 115°41'25.01"E within the Barrow sub-basin. It is approximately 3.5 kilometres west-southwest of the existing Campbell Platform and 143 metres north of Marley-1. Water depth is 43 metres.

Marley-2 was spudded at 06.30hrs on Tuesday 22nd April. Drilling has progressed to a depth of 4,071 mMD and additional logging runs have been conducted at this depth. Preliminary interpretation of this new data suggests the main objective penetrated by the well consists of a thick, water-wet sand package with low saturation gas throughout. The extensive gas shows noted during drilling are interpreted as residual and there do not appear to be any potentially gas-productive reservoir intervals.

It is anticipated that drilling will terminate at this depth and the well will be plugged and abandoned following completion of the wireline logging program. We expect the rig to be off-location by early next week.

Marley-2 has drilled the objective, but not resulted in a gas discovery. While reservoir quality was generally poor to moderate and gas saturations were low, the overall gross 300 metre thick reservoir section was above expectations for this stratigraphic interval in this region. As the post well analysis is conducted over the coming months this may enhance prospectivity elsewhere in the Harriet Joint Venture.

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