Logging has shown the top of the sandstone reservoir intersected in Cyrano-2 was 12 metres below the prognosed depth, so the volume of trapped oil would be less than the pre-drill estimate, the operator Tap Oil has said.

Logs also showed that the reservoir quality of the sandstone was poorer than anticipated, further reducing the pre-drill estimates of recoverable oil.

Cyrano-1 intersected a 29 metre gross hydrocarbon column, including 19m gross gas column and a 10m gross light oil column within lower Cretaceous sandstones.

Tap said at the time while Cyrano was a small discovery, its potential to be commercially developed would be enhanced by its proximity to oil storage and offloading facilities at Airlie Island and the Nasutus Oil Field some 4km to the north-east.

Interests in EP-364 include Tap (Shelfal) Pty Ltd (0perator) 85% and Wildlook Enterprises Pty Ltd 15%.