Santos Strikes Additional Oil Pay at Finucane South Well

- Santos Strikes Additional Oil Pay at Finucane South Well

Wednesday, June 01, 2011
Tap Oil Ltd.

Tap Oil provided the following update on Santos' Finucane South-1A exploration well, offshore Carnarvon Basin, Western Australia.

Logs have confirmed the well is a new field oil discovery encountering some 18.5m of excellent quality net oil pay in the Late Jurassic Angel Formation. The interpretation is based on both LWD (Logging While Drilling) and wireline logs, including pressure testing and sampling over the target interval. Early evaluation indicates the discovery could exceed the pre-drill mean estimate of 8 million barrels.

Location

The Finucane South-1A well is located in permit WA-191-P, in the northern end of the Carnarvon Basin. The well location is latitude 19° 18' 17.927" S and longitude 116° 45' 31.697" E.

Progress

During the period from 06:00 hours WST on May 25, 2011 to 19:00 hours WST on May 30, 2011 the corrosion cap was set over Finucane South-1A with the well suspended. The rig was then ASXskidded over to the Finucane South-1 location and abandonment completed. The rig was released at 19:00 hours on May 30, 2011.

Background

The Finucane South discovery is located at the northern end of the Carnarvon Basin, approximately 15km east of the Mutineer facility. Finucane South-1A was drilled to identify additional resources to supplement the discovered resources contained in the adjacent Fletcher Field.

Finucane South is a moderate-sized structural closure mapped at the base of the Cretaceous regional seal. Water depth at the well location is approximately 140m. Finucane South-1A was drilled 2km SSW of the Finucane-1 well (1978) which intersected oil shows at the top of the Angel Formation despite having been drilled off structure.

Based on Finucane South-1A's proximity to other wells in the area (notably Finucane-1 and the Fletcher oil wells) plus its coverage by reprocessed 3D seismic, the risk attached to drilling can be categorized as low-moderate.

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Santos Hits Oil Pay at Finucane South

- Santos Hits Oil Pay at Finucane South

Wednesday, May 25, 2011
Santos Ltd.

Santos has announced an oil discovery at Finucane South in the Carnarvon Basin, offshore Western Australia. Well logs and wire line testing have confirmed a net oil column of 18 meters in excellent quality reservoir sands in the Angel Formation. The well was drilled using semisub Stena Clyde.

The Finucane South oil discovery is located approximately 7 kilometers from the Fletcher oil field discovered in 2009 and approximately 14 kilometers from existing oil production facilities at Mutineer Exeter. Both Finucane South and Fletcher are located within WA-191-P.

Engineering studies for a dual field development of the Finucane South and Fletcher discoveries are well advanced, with the WA-191-P participants expected to be in a position to make a final investment decision before the end of 2011.

A number of development options have been considered, including a sub-sea tie back to the Santos operated floating production, storage and offloading facility servicing Mutineer Exeter. This would enable first oil production from Finucane South and Fletcher by the end of 2013.

Santos Vice President Exploration and Subsurface Trevor Brown said the Finucane South result was on the high side of pre-drill expectations and is another valuable discovery for Santos following the Zola gas discovery in April this year.

Santos Vice President WA & NT John Anderson said Finucane South when combined with Fletcher would allow the WA-191-P partners to progress an oil development with an exceptionally quick cycle time to first oil production.

The well will be suspended after finalization of the evaluation program.

Santos holds a 33.4% interest in WA-191-P and is operator. Other participants are Kufpec Australia (33.4%), JX Nippon Oil & Gas Exploration Corporation (25%) and Tap Oil (8.2%).

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Santos Mulls Suspending Finucane South Well

- Santos Mulls Suspending Finucane South Well 

Wednesday, May 18, 2011
Tap Oil Ltd.

Tap Oil provided the following update on the Finucane South-1A exploration well, offshore Carnarvon Basin, Western Australia.

Location/Proposed Depth

The Finucane South-1A well is located in permit WA-191-P, in the northern end of the Carnarvon Basin. The well location is latitude 19° 18' 17.927" S and longitude 116° 45' 31.697" E. Finucane South-1A is planned to take approximately 20-25 days from spud to reach a final total depth of approximately 3,500m.

Progress

During the period from 0600 hours WST on May 11, 2011 to 0600 hours WST on May 18, 2011, Finucane South-1A drilled from 684m to 2,057m using semisub Stena Clyde. Casing of 133/8" (340mm) has been set at 2,049m. Current operations are preparing to drill ahead in 121/4" (311mm) hole.

Forward Plan

Tap Oil provided the following update on the Finucane South-1A exploration well, offshore Carnarvon Basin, Western Australia.

Location/Proposed Depth

The Finucane South-1A well is located in permit WA-191-P, in the northern end of the Carnarvon Basin. The well location is latitude 19° 18' 17.927" S and longitude 116° 45' 31.697" E. Finucane South-1A is planned to take approximately 20-25 days from spud to reach a final total depth of approximately 3,500m.

Progress

During the period from 0600 hours WST on May 11, 2011 to 0600 hours WST on May 18, 2011, Finucane South-1A drilled from 684m to 2,057m using semisub Stena Clyde. Casing of 133/8" (340mm) has been set at 2,049m. Current operations are preparing to drill ahead in 121/4" (311mm) hole.

Forward Plan

The well will be drilled to total depth and a decision taken to plug and abandon or suspend the well.

Background

The Finucane South prospect is located at the northern end of the Carnarvon Basin, approximately 15km east of the Mutineer facility. Finucane South-1A is being drilled to identify additional resources to supplement the discovered resources contained in the adjacent Fletcher Field. Tap estimates the Finucane South prospect has a potential gross mean recoverable oil volume of 8 million barrels.

Finucane South is a moderate-sized structural closure mapped at the base of the Cretaceous regional seal. The underlying Late Jurassic Angel Formation primary target will be intersected at approximately 2,960m below sea level. Water depth at the well location is approximately 140m. Finucane South-1A is being drilled 2km SSW of the Finucane-1 well (1978) which intersected oil shows at the top of the Angel Formation despite having been drilled off structure.

Based on Finucane South-1A's proximity to other wells in the area (notably Finucane-1 and the Fletcher oil wells) plus its coverage by reprocessed 3D seismic, the risk attached to drilling can be categorized as low-moderate.

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Semisub Arrives at Finucane South-1 Site

Semisub Arrives at Finucane South-1 Site

Wednesday, May 04, 2011
Tap Oil Limited

Tap Oil Limited on Wednesday provided the following update on the Finucane South-1 exploration well, offshore Carnarvon Basin, Western Australia.

Location/Proposed Depth

The Finucane South-1 well is located in permit WA-191-P, in the northern end of the Carnarvon Basin. The preliminary well location is latitude 19 18` 17.216 S and longitude 116 45` 30.025 E.

Progress

The Stena Clyde semi-submersible drilling rig is on location and the well spudded at 4:15am on Tuesday, 3 May 2011. The well has been drilled to 203m MDRT and the current operation at 0600 hrs Wednesday, 4 May is preparing to run 30" casing.

Forward Plan

After the 30" casing is cemented and blowout preventers (BOPs) installed and tested the well will be drilled to the intermediate 13 3/8" casing depth at approximately 2036m MDRT.

Finucane South-1 is planned to take approximately 20-25 days from spud to reach a final total depth of approximately 3,500m. Upon completion of evaluation the well will be plugged and abandoned in the normal course of offshore operations.

Background

The Finucane South prospect is located at the northern end of the Carnarvon Basin, approximately 15km east of the Mutineer facility. Finucane South-1 will be drilled to identify additional resources to supplement the discovered resources contained in the adjacent Fletcher Field. Tap estimates the Finucane South prospect has a potential gross mean recoverable oil volume of 8 million barrels.

Finucane South is a moderate-sized structural closure mapped at the base of the Cretaceous regional seal. The underlying Late Jurassic Angel Formation primary target will be intersected at approximately 2,960m below sea level. Water depth at the well location is approximately 140m. Finucane South-1 will be drilled 2km SSW of the Finucane-1 well (1978) which intersected oil shows at the top of the Angel Formation despite having been drilled off structure.

Based on Finucane South-1's proximity to other wells in the area (notably Finucane-1 and the Fletcher oil wells) plus its coverage by reprocessed 3D seismic, the risk attached to drilling can be categorised as low-moderate.

WA-191-P Joint Venture Participants

• Tap (Shelfal) Pty Ltd, 8.2%
• Santos Limited (Operator), 33.4%
• Kufpec Australia Pty Ltd, 33.4%
• Nippon Oil Exploration (Dampier) Pty Ltd, 25.0%

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