Tap Oil Limited provided 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. The Stena Clyde semisubmersible is drilling the well.

Progress

During the period from 0600 hours WST on 15 December 2010 to 0600 hours WST on 22 December, 406mm (16”) hole was drilled 85 metres to a depth of 3,509 metres.

Forward Plan

The well will be drilled ahead in 406mm (16”) hole to the intermediate casing point and casing run. After intermediate casing is run and cemented, drilling the 311mm (12.25”) hole to the next casing point will commence.

Zola-1 is planned to take approximately 40-50 days from spud to reach a final total depth of approximately 5,000 metres. Upon completion of evaluation the well will be plugged and abandoned in the normal course of offshore operations.

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