First Oil from Manora Development in Gulf of Thailand Set for Mid-November

Tap Oil Limited provided Monday the following update on the Manora Oil Development in the Northern Gulf of Thailand (TAP 30 percent interest).

Mubadala Petroleum, Operator of the Manora Oil Development joint venture, has advised the first three development wells - MNA-01, MNA-02 and MNA-03 - have now been completed. It is now expected that production will commence from all three wells, resulting in a higher initial rate than forecast with two wells. Completion on MNA-05 has now commenced.

Platform commissioning at Manora is well underway with hook up and commissioning nearing completion. Mubadala Petroleum has advised production is now expected to commence by mid-November.

Tap Managing Director/CEO Troy Hayden said:

“We are pleased with the Operator’s progress on the drilling. The last of the critical systems should be handed over to Operations by the end of the week, with production now scheduled to commence by mid-November. Despite this, the Operator has advised peak production remains on track to be achieved in the first quarter of 2015 due to the progress of the development drilling”.

The Manora A platform is located within the Gulf of Thailand in 151 feet (46 meters) 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 1Q 2015.

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