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Home > Tap Oil provides an update of the Bianchi-1 gas appraisal well

Tap Oil Limited (ASX:TAP) provides the following update of the Bianchi-1 gas appraisal well in Retention Lease WA-49-R. The well will target sandstones in a Triassic age Mungaroo Formation within a separate fault block down dip of the Zola-1/ST1 gas discovery.


Location and Proposed Depth

The Bianchi prospect is located in the WA-49-R retention lease in the offshore Carnarvon Basin, approximately 6.4km north-northeast of the Zola-1/ST1 gas discovery and 20.8km south-southwest of the Gorgon-1 gas discovery well.

The Bianchi fault block is one of a series of adjacent structures that form the greater Zola area. The prospect was matured following interpretation of the Cambozola 3D seismic survey in 2012.

The well will be drilled as a vertical well in a water depth of 240 metres and is expected to take 80 days (trouble free) to drill to a projected total depth of 5,200 metres. Tap's cost for the well is expected to be approximately A$8 million.

Progress

During the period from 0600 hours (AWST) on 11 June 2013 to 0600 hours (AWST) on 18 June 2013 drilling operations for the 8½" (216mm) section continued. The well was drilled to a depth of 5,040 metres.

Forward Plan

Current operation is tripping out of the hole for a drill bit change. The forward plan is to continue drilling the 8½" (216mm) hole to a final total depth of 5,200 metres.