Tap up on Gibson news

Perth-based Tap Oil lifted 1c to $1.41 after announcing a successful drilling operation that should significantly increase oil production from the Gibson field.

Tap said the Gibson-2H development well is currently being completed as an oil producer after intersecting a horizontal section of approximately 49m of Flag Sandstone reservior. The well should be put into production early next week.

The well was drilled as a sidetrack from Gibson-1 to address the increased water cut from the Gibson-1 production well, interpreted as being a bottom hole cement bond failure.

Tap is developing the Gibson Field as part of the Harriet Joint Venture with Apache Energy and Kufpec Australia.