Tap Oil Limited provides the following update on the Johnson-1 well which spudded on 1st of April 2008.

The Johnson-1 well is located in exploration permit WA-358-P, approximately 15 kilometres west of the Woollybutt Oil Field and 20km north of the Griffin Oil Field.

As of today, Johnson-1 had reached a total depth of approximately 3,100m measured depth. The target reservoir was intersected as prognosed but no shows were encountered and the well will be plugged and abandoned (P&A) as a dry hole.

The Johnson-1 well targeted an oil prospect at the Top Barrow objective which has proven successful in the nearby Woollybutt, Griffin and Chinook/Scindian fields. The lack of success at Johnson-1 is disappointing however Tap had mitigated its exposure to this outcome by farming down its equity prior to drilling from 25% to 12.5%, in return for a carry on the cost of the well.

Tags: Tap Oil Limited