TAP 0.00% 10.5¢ tap oil limited

taps woollybutt powering

  1. 539 Posts.
    Woollybutt is turning out fantastically for tap and its partners-originally thought to be at 30000 bopd they are at 41000 bopd and will be so more the forseable future. Tap is about to begin further drilling also.

    I am very biased but Tap is undervalued especially with oil at $30 and there huge cashflow from its two main regions.

    TAP - ASX Company Announcement
    $gen0 THIS IS A PRIORITY ITEM
    4 June 2003
    Part 1/1
    --------
    TAP OIL LIMITED
    ---------------

    HOMEX - Perth
    -------------------------
    Woollybutt Oil Field at 41 000 BBLS per day

    In accordance with Listing Rule 3.1, Tap Oil Limited ("Tap") provides
    the following update on production from the Woollybutt Oil Field.

    The Woollybutt Oil Field is currently producing at around 41,000 bbls
    per day. The field has averaged around 40,000 bbls per day for the
    last 14 days and has produced in excess of one million bbls of oil
    since production began on 29 April 2003, a little over one month ago.

    Two liftings have been successfully completed, on 17 May and 31 May
    respectively, for a total of around 900,000 bbls of oil, of which
    over 160,000 bbls is net to Tap.

    Going forward, Tap expects that the field will maintain the present
    production rates with the commencement of natural decline dependent
    on the size of the field and this will be determined from well
    deliverability over the next few months.

    WA-25 L (previously WA-234-P) Joint Venture Participants

    Participants are:

    Tap Oil Limited 15.00%
    Eni Australia Limited (Operator) 65.00%
    MOBIL Australia Resources Co Pty Ltd 20.00%

    P Underwood
    MANAGING DIRECTOR

    ends - AAP
    ends - AAP
 
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