Tap Oil gives an update on the Driftwood-1 well

The WA-320-P permit is located in the Carnarvon Basin, offshore Western Australia. Tap Oil previously announced in the March 2016 quarterly (ASX release 30 April 2016) a commitment well is due in WA-320-P by 4Q 2016. After extensive technical evaluation and engagement with the regulator, Quadrant Energy (formerly Apache), Operator of the WA-320-P permit, has recommended the Driftwood-1 well as the year 3 commitment well in WA-320-P, replacing the previously proposed Palmerston-1 well.

Cost

The Driftwood-1 commitment well has an expected total well cost of AUS$15.47 million (gross), substantially lower than the estimated cost for Palmerston-1 of AUS$98.2 million.

Tap has a 5% carry on the commitment well in WA-320-P of up to US$3.5 million (up to a total well cost of US$70 million) from JX Nippon Oil and Gas Exploration (Australia) Pty Ltd.

The Driftwood-1 commitment well is located in WA-320-P in the Barrow sub-basin of the Northern Carnarvon Basin, offshore Western Australia, approximately 1km north of the Rosily-1A exploration well which had minor oil shows.

Quadrant Energy has advised that the Noble Tom Prosser jackup drilling rig is expected to commence drilling the Driftwood-1 commitment well on 1 August 2016.

Well objective

The well objective is to test the Early Cretaceous sandstones of the Mardie Greensand Member, Birdrong Member and Zeepaard Formation in a low-relief, northeast-southwest trending four-way dip closure.

A further update will be provided when drilling commences.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/30062016/tap-oil-gives-an-update-on-the-driftwood-1-well/