TAP 0.00% 7.5¢ tap oil limited

quarterly revenue up 72pc to 22m

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    Sydney - Friday - October 31: (RWE Australian Business News) -
    Tap Oil Ltd (ASX:TAP) lifted oil and gas revenue 72pc to $22.2m in the
    September quarter from $12.9m for the June quarter.
    Tap achieved an average of $A135 per barrel for its liquids,
    down from $A136.
    The company has no commodity hedging and will benefit from
    continued high oil and gas prices.
    Total production fell 37pc to 118,196 boe from 188,120 boe.
    "During the quarter, Tap Oil Ltd restored the majority of its
    production base, with successful tie-in of Woollybutt South in July,
    restoring gas resales from John Brookes in August and progress to
    repairs at the Harriet JV facilities damaged by the Varanus Island
    incident," CEO Mr Peter Stickland said.
    "By the end of 2008 Tap will once more generate revenue at close
    to full capacity.
    "Tap's cash position is starting to reflect the stronger
    production performance; at the end of September Tap had net cash of $47m
    but this had improved to over $60m by late October," Mr Stickland said.

    *****

    "In addition Tap continues to build and execute a diverse
    portfolio of moderate-risk, high-impact exploration opportunities.
    "The Lumba Lumba-1 well in SC 41 in the Philippines was
    unfortunately a dry hole; however, the potential of this permit is
    significant and further geological evaluation is expected to generate
    quality prospects.
    "In WA-351-P in Western Australia, Tap is in the midst of
    acquiring a wall-to-wall 3D seismic survey across this permit with
    LNG-scale gas exploration potential.
    "Our view that this block is both high-potential and moderate to
    low-risk has been reinforced by Hess' three gas discoveries in the
    adjacent permit.
    "Elsewhere, Tap is progressing some exciting opportunities in
    Block M, onshore Brunei with drilling expected in Q2 2009," he said.
 
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