Tap Oil said the 751.6-square-kilometre survey would “dramatically enhance” the prospectivity of the licence by maturing a number of drilling targets.

Based on the earlier 2D seismic data, SC41 contains leads interpreted to potentially host 50-150 million barrels of oil along trend from the Wildebeest-1 exploration well, which discovered 40 degree API oil in 2000.

Processing of the 3D data has begun and results were likely to be available by the end of the current quarter, Tap said.

Further exploration drilling in SC41 was expected in mid-2008.

“Circum Borneo, where this licence is located, is populated by numerous large oil and gas fields operated by major oil and gas companies,” it said.

“Tap believes that SC41 has good potential to discover material volumes of hydrocarbons and be a game changer for the company.”

Tap holds a 50% stake in the licence, while partners Salamander Energy and Philippine Domiciled Participants hold 35% and 15% respectively.