Tap Oil Reports Gas Reserves for Western Australia Asset at 500 Bcf

Tap Oil in a statement has announced its gross volumetric recoverable gas resource estimate for the WA-351-P portion of the Tallaganda structure in Western Australia.

Studies indicate approx. 500 Bcf of gas in the WA-351-P portion of the Tallaganda structure (including 222 Bcf of P50 contingent resource and 278 Bcf of P50 prospective resource). Tap holds a 20% interest in the WA-351-P permit and is intending to book 49 PJ of contingent resource in its 2012 year end accounts.

Tallaganda-1 was drilled in the second quarter of 2012 and confirmed a gas discovery in the Triassic Mungaroo Formation of the Tallaganda structure within WA-351-P.

The geological assessment of the Tallaganda discovery and remaining block potential is continuing and there are currently no plans for further drilling in WA-351-P during 2013.