Tap Oil : MANORA OIL DEVELOPMENT UPDATE DRILLING COMMENCES

5 September 2014

The Company Announcements Platform Australian Securities Exchange Exchange Centre

20 Bond Street

SYDNEY NSW 2000

ABN 89 068 572 341

Level 1, 47 Colin Street

West Perth WA 6005

Australia

www.tapoil.com.au

 Development drilling for the Manora Oil Development has commenced.

 Drilling of MNA-01 and MNA-02 is required ahead of introduction of hydrocarbons to the Manora production facility.

 Production is expected to occur shortly after the completion of the MNA-01 and

Mubadala Petroleum, Operator of the Manora Oil Development joint venture, has advised that at 10.00 (AWST) the Atwood Orca jackup drilling unit spudded the first of 15 planned development wells, MNA-02.

The MNA-01 and MNA-02 wells will be batch drilled to final total depths of 2,104 m and

2,441 m measured depth respectively and shall be completed with electric submersible pumps (ESPs) ahead of handover to Production. Drilling and completion of both wells is planned to take 24 days on a trouble free basis.

Both wells are required ahead of introduction of hydrocarbons to the Manora production facility. Production is expected to occur shortly after the completion of the MNA-01 and MNA-02 wells.

The Manora A platform is located within the Gulf of Thailand in 46 metres of water. The development drilling program calls for drilling and completion of 15 wells (10 producers and

5 injectors), with the program expected to take until the end of Q1 2015.

Tap has 2P reserves of 6.1 mmbbls (20.2 mmbbls gross) and 2C contingent resources of 3.2 mmbbls (10.9 mmbbls gross) booked for Manora (ASX release 27 October 2011). Tap will review these reserves and contingent resources following development drilling and production performance.

Tap will make scheduled announcements upon commencement of drilling and completion of each well or each batch. Tap's next expected announcement is at the completion of MNA-

01 and MNA-02.

#280415

Anna Sudlow Commercial and Investor Relations Manager

Telephone: +61 8 9485 1000

Email: info@tapoil.com.au

Website: www.tapoil.com.au

The reserve and contingent resource information in this report is based on information compiled by Mr Denis Bouclin B.A.Sc (Hons), M.A.Sc (Engineering), P.Eng., who has consented to the inclusion of such information in this report in the form and context in which it appears. Mr Bouclin is a part-time employee of the Company, with more than 25 years relevant experience in the petroleum industry and is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA) and The Society of Petroleum Engineers (SPE).
Reserves and Contingent resources have been estimated using both probabilistic and deterministic methods. Tap is not aware of any new information or data that materially affects the assumptions and technical parameters underpinning the estimates of reserves and contingent resources and the relevant market announcements referenced continue to apply and have not materially changed.

Certain statements contained in this announcement, including information as to the future financial or operating performance of Tap Oil Limited and its projects, are forward-looking statements. Such forward-looking statements:

• are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Tap Oil Limited, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies;

• involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements; and

• may include, among other things, statements regarding targets, estimates and assumptions in respect of

production and prices, operating costs and results, capital expenditures, reserves and resources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.
Tap Oil Limited disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.
The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule", "potential", "opportunity" and similar expressions identify forward- looking statements.
All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
No representation or warranty is or will be made by any person (including Tap Oil and its officers, directors, employees, advisers and agents) in relation to the accuracy or completeness of all or part of this document, or any constituent or associated presentation, information or material (collectively, the Information), or the accuracy, likelihood of achievement or reasonableness of any projections, prospects or returns contained in, or implied by, the Information or any part of it. The Information includes information derived from third party sources that has not necessarily been independently verified.
Subject to any obligations under applicable laws, regulations or securities exchange listing rules, Tap Oil disclaims any obligation or undertaking to release any updates or revisions to the Information to reflect any change in expectations or assumptions.
Nothing contained in the Information constitutes investment, legal, tax or other advice. The Information does not take into account the investment objectives, financial situation or particular needs of any recipient. Before making an investment decision, each recipient of the Information should make its own assessment and take independent professional advice in relation to the Information and any action taken on the basis of the Information.

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