Revenues flow strongly from Tap

TAP Oil generated A$36.7 million in revenue for the September quarter, a jump of 80% from the previous quarter, the company said on Friday.
Revenues flow strongly from Tap Revenues flow strongly from Tap Revenues flow strongly from Tap Revenues flow strongly from Tap Revenues flow strongly from Tap

Tap attributed the revenue increase to high oil prices, up 27% on the three months ending June 2005.

During the last quarter, it produced 385,222 barrels of oil and sold 412,198 barrels from the Woollybutt Oil Field and Harriet Area in Western Australia.

Tap said Woollybutt continued to perform well, producing over 17,000 barrels per day. The field has produced over 21.5 million barrels to date.

It said the Scalybutt-1H development well was expected to be tied in by the end of next month, while the Woollybutt-5 appraisal well and Yarri-1 exploration well was planned for drilling between November and December.

The company has also revised its FPSO contract to extend production at Woollybutt for another 10 years.

Meanwhile, the Harriet joint venture’s Artreus oil discovery started production in late September at about 5,000 barrels per day.

It said the Mohave contributed 0.5 million barrels for the quarter, producing at around 3,500 bopd.

The Harriet JV liquids production averaged 15,400 bopd (gross) for the quarter and is currently at 16,500 bopd gross.

Tap reported that the Bambra-7H development well was now completed and this week produced its first oil and gas.

Looking ahead, Tap reported that another five or six exploration wells would be drilled this year, including a large potential at the Marley-1 wildcat in the Harriet JV.

Planning is also underway for a 15-well drilling program next year, which includes spudding Jacala-1 in the first quarter.

Tap’s net cash in the bank at September 30 was $101 million. Its total exploration expenditure for 2006 was projected to be the same as this year, or $40 million each.

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