Tap Oil Limited has provided the following information on the Lumba Lumba-1 exploration well.

The Lumba Lumba-1 exploration well is located in permit SC 41 in the Sulu Sea, Philippines, approximately 135 km off the northeastern coast of Borneo.

Drilling operations with the semisub Transocean Legend are proceeding at the Lumba Lumba-1A following the abandonment of the Lumba Lumba-1 well on July 25 due to mechanical problems during cementing the 20” casing. Lumba Lumba-1A well has since progressed to 1,469 meters Measured Depth and is currently drilling ahead.

Lumba Lumba-1A is planned to drill to a total depth of around 3,000 meters Measured Depth in a water depth of 1,100 m and is planned to take an additional 14 days to reach the total well depth.

Lumba Lumba is a moderate risk prospect located in the central part of SC 41. It is covered by the Alpine 3D Seismic Survey, which was acquired in 3Q 2007. The well will test a large inversion structure with multiple objectives in interpreted channel and fan complexes. Estimated recoverable volumes are in the 50–150 million barrels range.

Tap believes that SC 41 has the potential to be a "game changer" for the company as it contains numerous prospective features of substantial size. Various independent play concepts exist in SC 41 that are being matured for drilling regardless of the Lumba Lumba-1 results. Encouragement is provided by offset wells which demonstrate a working petroleum system. Nevertheless, although minor oil has been recovered from some wells, reservoir development and the identification of sand-prone fairways remains technically challenging and is recognized as the main exploration risks in the area.

Tags: Tap Oil Limited