Tap Oil updated on the Manora-4 appraisal well, in concession area G1/48, Gulf of Thailand.

Location / Proposed Depth The Manora-4 well is located in the northern Gulf of Thailand in 45 meters of water, approximately 75 kilometers from shore and 230 kilometers south of Bangkok. The well surface location is approximately 1.5 kilometers north east of the Manora-1, 2 & 3 surface location. The well will be directionally drilled to a bottom hole location beyond Tap's current field limits at a measured depth (MD) of approximately 3,620 meters and a true vertical depth (TVD) of approximately 3,080 meters.

Progress During the 72 hour period from the last report to 7:00 am WST, October 27, the coring operations were completed and the well was drilled in 81/2" hole to the current depth of 2,713 meters (MD) where wireline logging operations are now in progress. A total of 79 meters of core was cut and recovered through the reservoir sands and this will provide important reservoir data for the field development plan.

Logging While Drilling (LWD) data acquired after coring and the initial wireline logs indicate that the well has encountered a good reservoir section, similar to that seen in Manora-3, but that it is water wet in the Manora-4 well. This appears to confirm Tap's pre-drill interpretation that the primary reservoir target of the well was in a separate area beyond the known field limits. The preliminary log correlation suggests good reservoir continuity, as Tap predicted, so the failure to encounter oil in the primary target in Manora-4 is expected to have no impact on Tap's current estimate for the Manora field of 24 million barrels or on the exploration potential of the area.

Forward Plan Complete wireline logging before setting 7" liner and drilling ahead in 6" hole to the deeper objective and the final well TD. The deeper section has not previously been drilled in the Manora area and if successful would be an additional reservoir. Upon completion of evaluation of the deep target the well will be plugged and abandoned in the normal course of offshore operations. The well is programmed for 25 days in total.

Participants •Pearl Energy (Operator) 60% •Northern Gulf Petroleum Pte Ltd 40% (Tap has a 75% interest in NGP)

Tags: Tap Oil Limited