The field, which was discovered in April 1997, is in exploration permit WA-234P, some 50km southwest of Barrow Island and 42km northeast of the Griffin oil field.
"The Woollybutt development plan comprises the re-entry and sidetracking of the existing suspended Woollybutt-1 and Woollybutt-2 wells to drill two horizontal production sections, each 500 metres in length. Produced oil will be exported via a shuttle tanker arrangement," Tap Oil said.
Tap added first oil is planned for the first quarter of 2003 at an estimated gross production rate of around 35,000 barrels per day. Tap has estimated proven and probable recoverable reserves to be 25 million barrels.
"This is a long awaited and important event for Tap and should produce a significant increase in Tap's liquid production, earnings and cashflow," the company said. Other participants in the Joint Venture include Agip Australia (65%) and Mobil Australia Resources (20%). Tap has a 15% in the development.
