Tap Oil Provides Update of Starfish-1 Well in Ghana

Tap Oil Limited provides the following update of the Starfish-1 oil exploration well in the Offshore Accra Contract Area, Ghana. The well will target a large stratigraphic trap in the deep water of eastern Ghana, interpreted to be potentially comparable to the Jubilee oil field in western Ghana. Tap estimates that the well will target prospective resources potentially half a billion barrels, (431 mmbbls (P50)).

Location and Proposed Depth

The Starfish prospect is located in the Offshore Accra Contract Area in offshore Ghana along the prolific offshore West African Margin. The Starfish prospect was matured following reprocessing of the original 3D seismic data and the acquisition of the new 3D survey in 2011 over the outboard deep water area.

The Contract Area is now covered by quality 3D seismic data. In the event of a discovery at Starfish-1 confirming a significant petroleum system, there are a number of other leads and prospects identified on the block that would be of interest. The Operator, Ophir Energy, continues to work on the existing lead and prospect inventory.

The well will be drilled as a vertical well in a water depth of 1,500 metres and is expected to take 35 days (trouble free) to drill to a proposed total depth of 4,560 metres. Tap’s cost for the well is expected to be approximately A$11.6 million.

Progress

During the period from 1400 hours (AWST) on 19 June 2013 to 1400 hours (AWST) on 25 June 2013 the well was drilled to a depth of 2,627 metres. The 20” (508mm) casing was run and set at 2,218 metres and the BOPs were installed, prior to drilling ahead in the 17˝” (444.5mm) hole section.

Forward Plan

The forward plan is to drill ahead in 17˝” (444.5mm) hole to the next casing point planned at 2,889 metres.

For more information about related Opportunities and Key Players visit West Africa Projects