Tap Oil Limited provides the following update on the Zola-1 exploration well, offshore Carnarvon Basin, Western Australia.

Location / Proposed Depth The Zola-1 well is located in permit WA-290-P, immediately south of the giant Gorgon gas field in the Carnarvon Basin, Western Australia. The well is being drilled in 285 metres of water and the primary Mungaroo Formation target will be intersected at approximately 4,300 metres below sea level. Further secondary targets will see the well drilled to a target depth of 5,000 metres.

Progress During the period from 06:00 hours WST on 03 February 2011 to 06:00 hours WST on 09 February 2011, the well was drilled to a depth of 4,106 metres. The final string of intermediate casing 244mm (121/4') has now been successfully run and cemented in the hole. Routine pressure testing operations are currently underway prior to drilling out of the casing.

Forward Plan On completion of pressure testing, the well will be drilled in 216mm (81/2') hole to the first target in the Mungaroo Formation, expected at circa 4,300 metres. This target will be evaluated prior to drilling to the final well total depth.

The operator expects to encounter the first Mungaroo Target early next week on a trouble free basis.

Upon completion of evaluation the well will be plugged and abandoned in the normal course of offshore operations.

Tags: Tap Oil Limited